Jan 21
It looks like the Federal government is embracing
flexible workspace and changes in the workforce by changing how they let their employees work. No
desk, no nameplate, and sometimes even half of the workspace. Federal agencies
are adjusting to "Hot Desking" and "Hoteling." In
doing so, the General Services Administration, is helping to lead a
growing effort to reshape how traditional office space is utilized. The
cost savings are considerable; Up to 50% of the cost the Feds were spending on
office space is now being saved for agencies participating in the program.
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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."
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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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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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Feb 17
According to CB Richard Ellis' December 2010 Global Market View the 4th Quarter saw that the global markets are improving, but have quite a way to go before they become healthy.
From the report: "American office markets continue to lag those of Europe and Asia Pacific, but in Washington, D.C., net absorption reached 3.9 million sq. ft. year to date, the first time demand has outpaced supply in multi-tenant buildings in the region since 2007. Vacancy declined almost 200 basis points during the past six months in Washington, D.C., to 10.3%, which is the largest decline of any U.S. office market. Asking rents increased by 1.8% during the quarter and are expected to remain at current levels or increase slightly during the next six to 12 months in the city."
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