Over the past week we have tweeted quite a few times on the improving office space market. While we all like to hear news of an improving economy, what good news for the office space market means is that the office space market is in the process of beginning its transition from a tenant market to a landlord market. As has happened with economy in general (and will hopefully continue), this process will take a couple of years for the transformation to complete. The process will not be even from market to market, but we will see markets such as New York, Washington DC and San Francisco lead the way in declining vacancy and increasing rental rates. As employment continues to improve other primary and secondary markets will follow. The general consensus is that this will take a couple of years to happen, but most are in agreement that most markets have hit bottom and rental rates will begin to climb.

For tenants who have been on the fence as to whether or not to renew or relocate their office, now is a good time to get started to ensure a low rental rate for a long-term lease.

Recent tweets:

Manhattan Office Property Surges Bolstered by a stronger-than-expected recovery in hiring http://ow.ly/a7NMm

The Jumpstart Our Business Startups (JOBS) Act: What You Need To Know http://ow.ly/a6Wma

It's slow all over - The US #officespace vacancy rate at the end of March stood at a whopping 17.2% http://ow.ly/a6DOw

#OfficeSpace lease opportunities to tighten in second half - Office Rents on teh rise http://ow.ly/a5cxl

Information and media companies pass Wall Street as top leaser of #officespace in New York as office rents increase http://ow.ly/a3G5t

U.S. #OfficeSpace Sector Records 8th Straight Quarter of Improving Fundamentals - Asking Rents on the rise http://ow.ly/a3FRc

ULI: Consensus of Economists Sees Promising CRE Outlook Through 2014

Why Is Your Landlord Sprucing Up Your #Officespace Building? http://ow.ly/9W5IM

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Coworking is the latest trend to hit the Office Space market. I thought it would be interesting to find out what they think they are selling. To do so I decided to track down the tag lines many coworking spaces are using. Here is a sampling of them. As you can see, the ideas that permeate are that "It's The People" who you can collaborate with and an "Alternative to the traditional workplace" are the most important ingredients.

Love Where You Work - Select Office Suites NYC

Individuality Without Isolation – Office Nomads Seattle

A Physical Social Network - WeWork NYC, SF & LA

Community Center for Independents – New Work City NYC

Where Entrepreneurs Work and Connect – Green Space NYC

Where Change Goes to Work – The Hub SF

The Workplace for the New Economy – NextSpace SF

Collaborative Office Space to Think, Work and Innovate – Co-Spot SF

A Nicer Place to Work – Citizen Space SF

Building the World We Want to Live In – Hub Seattle

A Coworking Boutique – The Mill Seattle

Space. Work. Network. – The Yard Brooklyn

Work. Learn. Make. – 3rd Ward Brooklyn

Rethinking the Workplace – WorkBar Boston

Better Work Starts with Better Coworkers - Independents Hall Philly

A Workspace Retreat from Traditional Office Monotony – Work/Playce Philly

You name your passion and we will help you find a way to make it grow – Spice Factory Chicago

Neighborhood coffee house built for mobile professionals, freelancers, creatives and anyone else who would like to get work done – Topics Chicago

A clubhouse for entrepreneurs, designers, and geeks – The Speak Easy Indy

A Place to Work & A Place to Grow – 151 Locust Atlanta

You know how you always wonder where all the cool kids hang out? Well, wonder no more - Lightbulb Charlotte

work FOR yourself, not BY yourself - Blankspaces LA

The NAR quarterly forecast reports that all commercial real estate sectors are on the upswing. Their predictions include that the US office space vacancy will decline by 0.4% to 16% by the 1st quarter 2013. According to the report, office rents are expected to rise by 1.9 percent this year and 2.4 percent in 2013, with net absorption predicted to hit 20.1 million in 2012 and 28.1 million next year. More...

Washington, DC, currently has the lowest office space vacancy rate at 9.5%, with New York City in second place at 10% and, surprisingly, New Orleans at 12.4%. More Office Space Market Information.

What this means to office tenants is that now is the time to lock in long term rental rates to ensure you benefit from the bottom of the market. The best way to do so is by engaging the services of an office tenant representative who can show you how to take advantage of the current low office rental rates. There is no cost to tenants to obtain the services of a tenant rep, so there is no reason not to investigate what they can do for you. It is a no lose proposition.

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One World Trade Center is up to 80 floors and growing by one floor per week - Final height 102 stories

Condé Nast Publications, whose stable of magazines chronicles the American zeitgeist as meticulously as any anthropologist, has reached an agreement to lease one million square feet of the 2.6 million square feet at One World Trade Center, giving ground zero a much-needed corporate anchor with a proven ability to attract other businesses. More at NY Times

Feds' space at One World Trade cut in half. Big U.S. agency to take just 300,000 square feet, as Port Authority of New York & New Jersey bets it can land higher-paying tenants; huge New York state lease out. Motre at Crain's NY Business

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