He notes that the trend of companies to “crunch” the amount of space-per-employee they require is having a negative impact on the office real estate market. “Even when jobs increase, that does not tend to lead to positive absorption of space,” says Martie. “More companies are filling in the space they have, using more shared areas and conference facilities as work space.”

With the investment sales market, Martie notes that there is intense competition to purchase buildings, since interest rates remain at record lows - but a distinct lack of supply. “It’s an opportune time for sellers, and they are pushing prices sky high,” he says. “For buyers, it is competitive and difficult.”

Martie says the overall situation should improve at least incrementally as the European financial crisis is resolved, the global and national economies gradually improve, and business and investor confidence grow as a result. “I still believe in a recovery,” he says, “albeit a slow one.”

“We do not anticipate any significant change in the quarter ahead,” wrote senior managing director Matthew Dolly in the report he prepared for the company. However, he noted that average asking rental rates are likely to rise slightly in the Waterfront area, as subleases expire and terms are renegotiated.

Other findings of the report:

• Availability rate increased in 6 of 10 counties. |
  • Asking Rent decreased in 7 of 10 counties.
  • Sublease represents 12.4 % of total available space, decreasing from 13.3%.