NEW YORK CITY-Houston, New York City and Washington, DC lead the office-investment pack, says a newly released study conducted by locally based Integra Realty Resources. Furthermore, the firm's 12th annual Viewpoint study documents what we all are feeling–that the industry is poised for recovery.
Number-One ranked Houston, while reeling from the Enron scandal, still boasts a 7.4% vacancy rate and will gain by a dearth of additional construction. Additionally, TrizecHahn, which owns the Enron building, expects the space to be re-leased within a year.
New York came in at Number Two, despite its current Downtown woes and the fact that it's total “vacancy rate nearly doubled from the 4.5% of the previous year.” Washington D.C., with a 4.5% vacancy rate, came in at No. 3. Nationally, the Integra study reports a downtown office vacancy rate of 10%, “well above” the 7.3% of last year.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.