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A recent study by the Massimo Group of hundreds of commercial real estate brokers in numerous companies indicate that the brokers are expecting a slow recovery over the next 12 months.
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Entries Tagged as 'Office Vacancy Rate'
May 25
According to a recent report by the National Association of Realtors, the US commercial real estate markets stabilizing with more demand and growing employment numbers. According th the NAR forecast office vacancy rates are expected to drop slowly over the next few years. The national office vacancy rate is expect to fall from 16.1% now to 15.3% by the end of 2012. This is based upon their economist's forecast of job growth of 1.5 million and 2 million jobs in 2011 and 2012.
If the NAR is correct and job growth continues at this pace beyond their predicted time period ending 2012, it would be 2018 or 2019 before the Office Vacancy rate drops to a more normal 10% level. This is assuming developers don't decide to provide any significant amount of new office space.
It also means that there are great opportunities in the market place for office tenants looking for office space. With the help of an experience local representative, a great deal can be had on office space of all types.
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Apr 7
National Office Update & Office Tenant/ User Strategies PodCast
Original Air Date: 4/2/11
Very informative broadcast about the office market and office space strategies for office space tenants.
"The office user show provides a national office market update and best practices for corporate office users. Chris Macke, Senior Real Estate Strategist with CoStar Group provides an update on national office market performance including top cities for investment and markets prime economically for corporate headquarters. He also shares market advice for office users and expectations for 2011 and 2012.
Show host Michael Bull and industry leading guests cover current topics important for office users including strategic lease provisions for tenants, protecting lease rights before foreclosure, prevalent lease situations in this economy and the guests share best practices when renewing leases and securing new locations.
If your company uses office space or you advise companies that do, you will find this show very informative and enlightening."
Apr 4
According to two reports, one by Cushman & Wakefield and the other by Marcus & Millichap, office space rental rates will begin to rise again by the end of 2011 or early 2012. The increase in office rental rates will not be across the board, but uneven throughout the country. Markets that will see the biggest increases in office rental rates are expected to be Washington DC, San Francisco and Midtown Manhattan. The reason; improving employment and limited new construction. According to Marcus & Millichap less than 20 million square feet of new supply is scheduled to come on line throughout the US in 2011. More confirmation that the bottom of the market is here. For tenants wanting to make sure they can take advantage of the low office rental rates, now is the time to either renew, renegotiate of relocate to get the best possible office rental rates. Contact us if you would like the assitance of a top local tenant rep. We'd be happy to help!
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Manhattan Office Space , New York Office Space , Office Rental , Office Space , Office Space Negotiations , Office Vacancy Rate , San Francisco Office Space , Washington DC Office Space
Apr 1
The Real Deal March 31, 2011 Office rents and absorption will rise over the next two years in urban and suburban business districts, according to Cushman & Wakefield's office market forecast released today. Though office rents remain low in the U.S., the report determined that a lack of new supply coupled with rising demand will force rents upward in half of all central business districts - or urban business centers - by 2013. And while 2010 saw just 2.2 million square feet absorbed in cities, by 2012 that number should grow more than six-fold to 13.9 million square feet. New York City will lead the charge, along with Washington D.C., Boston, Seattle and Chicago, as those areas will combine to account for nearly two-thirds of that space. Suburban office vacancies will also decline between now and 2013, but at a slower rate than those of central business districts. Almost half of all suburban markets will see office rent declines between now and 2013, and five areas - including Miami - will see office rents dip below 2010 bottoms.
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