Private sector base rent income has risen about 2.5% over the last year, a welcomed sign of a more sustained market recovery, according to BOMA International’s recently released 2012 Experience Exchange Report, which analyzes building data from 2011.
“As the commercial real estate market makes its way back to normalcy, building owners and managers are beginning to see income levels improving,” commented BOMA International Chair Boyd R. Zoccola, executive vice president of Hokanson Companies. “The market is recovering but still tenuous. The numbers also indicate that property professionals continue to operate their buildings as efficiently as possible, making asset management more critical than ever.”
The annual report is based on voluntary reports from building owners and other industry professionals. It examines tover 5,400 buildings in 250 markets across 125 cities in the U.S. and Canada.