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Fitch Scores Show Surprises

NEW YORK CITY-The volatility of the national office market should continue for the next two or three quarters, according to recently released findings from Fitch Ratings.

By Barbara Jarvie | Updated on February 23, 2004

NEW YORK CITY-Changing patterns highlight Fitch Ratings newly released Property Market Metric scores, which assign a volatility risk ranking to five major property types in more than 375 markets throughout the nation. The scores range from Volatility Group 1 to Volatility Group 5.

Mary O’Rourke, senior director, Fitch Ratings, tells GlobeSt.com that the office sector’s volatility was not unexpected and should continue for at least the next two or three quarters. The recession hit the office market hard–he above-average overall PMM score is 2.85 in the primary markets, however when compared to the previous score, the overall primary office market score worsened by 17 basis points.

Bright spots included Riverside, CA, and Norfolk, VA which joined Sacramento, Washington, DC, and the Nassau-Suffolk, NY market in the top category.

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