Industry News




07/21/2014

Office Income and Occupancy on the Rise

Spaces grow denser as the industry emerges from a slump

 
Office

Income and expenses are both growing for privately owned office buildings, suggesting that building owners and managers may be cresting a post-recession hill.

Rental income increased by 7.2% and overall income climbed by 7.4% in 2013 compared to 2012, according to BOMA International’s 2014 Experience Exchange Report, an annual benchmarking survey. Total operating expenses grew by 5.3%, while total operating plus fixed expenses grew by 5.6%. The growth of both income and expenses together indicates growth, BOMA analysts say in a recent statement.

The survey also revealed increases in office occupancy rates and weekly operating hours, while square footage per office worker decreased. The findings indicate that more people are occupying the same space for longer periods of time, explaining the simultaneous increase in expenses, BOMA says.

“Densification of space is reshaping the commercial real estate landscape,” says John G. Oliver, chair of BOMA International and managing principal for Oliver & Company. “Increases in both income and expenses in this year’s EER indicate both strong industry growth as well as an adjustment to a denser office environment.”

 

 


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.

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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.


 
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