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Entries Tagged as 'Boston Office Space'

Federal Reserve:Commercial Real Estate Remains Weak

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Federal Reserve Beige Book Summary
"Reports on commercial real estate markets indicated that demand for space remained weak and that construction continued to decline in all Districts. Atlanta, Philadelphia, Richmond, and San Francisco reported that vacancy rates increased, while rates held steady in the Boston and Kansas City Districts and were mixed in New York. Boston, Dallas, Kansas City, Philadelphia, and Richmond commented that the demand for space remained weak. Commercial rents declined according to Boston, Chicago, New York, Philadelphia, and Richmond. Rent concessions were reported in the Richmond and San Francisco markets, and Richmond noted that some landlords had postponed property improvements in an effort to conserve cash. Construction remained at very low levels, with modest improvements noted in public construction in the Chicago, Cleveland, and Minneapolis Districts."

OfficeFinder does not expect much improvement in occupancy until the employment figures turn very positive and positive office absorption can take place again.  We are hoping to see some improvements by the middle of 2011.

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Sublease Office Space Plentiful

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A recent article in the NuWire Investor describes the state of the sublease office space availability throughout the US. In a word, plentiful. In fact, Cushman and Wakefield has pegged the amount of available sublease space at 10.3 million square feet at the end of the first quarter. Cities experiencing the largest increases in sublease office space include New York, Chicago, San Francisco, Denver and Boston.

My educated guess is that there is a lot more sublease office space available than is reported.  With all the recent layoffs, many companies have probably not had time or been willing to prioritize getting their excess space listed.  Many of these companies have more to worry about than a little excess office space. They are trying figure out how to survive.

A word to the wise. If you are considering renting or leasing sublease office space, be careful.  There are many pitfalls that need to be navigated to make sure that your sublease will stand up in the event the sub-lessor defaults. Makes sure to work with someone who knows the ins and outs, otherwise you could find yourself with nowhere to house your employees when you get evicted... without any fault of your own.

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