10/09/2013

Office Space Vacancy Falls Throughout Much of U.S.

 
Office space vacancy rate falls.

While vacant office spaces continue to fill up at a slow pace, limited new construction could be the real driving force behind the decreased vacancy rate, according to real estate services provider Cassidy Turley.

"It's still a tenant's market in most U.S. cities, meaning businesses still have leverage when negotiating for lower rents and attractive concession packages," Mr. Thorpe said. "But because of limited new supply, the pendulum is slowly shifting from a tenant's market to a landlord's market. Supply/demand fundamentals suggest the bulk of the country will be pushing office rents upward by this time next year."

There was 55.3 thousand square feet of office property under construction during the third quarter of this year, up from 54.5 thousand square feet in the previous quarter. Development of new office buildings is 30% below pre-recession levels.

Top 5 strongest markets in terms of demand for office space are:

  • Houston, with 1.7 thousand square feet of net absorption
  • New York City, with 1.3 thousand square feet
  • Phoenix, with 822,000 square feet
  • Atlanta, with 740,000 square feet
  • Denver, with 668,000 square feet

To read the full report visit Cassidy Turley’s website.

 


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Visit our website today to learn about the design flexibility of a Morton building and the endless possibilities of partnering with our designBUILD team.


Wood construction is both cost and energy efficient. Check out Morton Buildings and our designBUILD team online today to discover all the benefits of post-frame construction.


When choosing a metal-clad building for your next construction project, consider Morton Buildings, Inc., and their designBUILD team, we’ll make your dream a reality.

We Can Help You Reduce Energy by 30%

Our mission is to help our customers manage their buildings' energy costs, improve reliability, and enhance performance while having a positive impact on the environment.
CLICK HERE to find out how.

Add highly responsive multi-zone comfort to any building project, in any climate. Our CITY MULTI H2i R2- and Y-Series VRF systems give you flexibility to fit the needs of any building. Enjoy 100% heating capacity at 0°F outdoor ambient, and 85% heating capacity at -13°F outdoor ambient.  For more information, log on to www.mitsubishipro.com


Tennant Company is a recognized leader in designing, manufacturing and marketing solutions that help create a cleaner, safer, healthier world. With thousands of satisfied customers already using award winning ec-H2O technology, why not see what you're missing? Test ec-H2O on your soils in your facility. Get a free demo.


Tennant Company is a recognized leader in designing, manufacturing and marketing solutions that help create a cleaner, safer, healthier world. With thousands of satisfied customers already using award winning ec-H2O technology, why not see what you're missing? Test ec-H2O on your soils in your facility. Get a free demo.

 

Replace core drilling with Connectrac In-Carpet and On-Floor Wireways, the proven connectivity solution in open interior spaces of all kinds. These elegant low-profile wireways are great for AV / telecom connectivity wherever it’s needed.

Bluebeam® Revu® simplifies digital facilities document management from design review to leveraging as-builts, maintenance manuals and O&Ms submittals.


 
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