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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