LOS ANGELES-Denver and San Francisco were the big winners in the Q1 space race, according to new research by CBRE. The first three months of the year were marked by mostly dipping or flat office vacancies. There was a variety of reasons for these market gains including, at long last, jobs, according to Asieh Mansour, CBRE's Head of Americas Research.
“Although the economic rebound is tepid by historical standards, real estate markets are being helped by a dearth of new construction,” she says in the statement, “which allows excess space to be steadily absorbed. The consolidating federal government sector, however, does provide a drag on the recovery in certain markets.”
In a follow-up with GlobeSt.com, the San Francisco-based Mansour explains however that the emphasis on construction and the fed consolidation does not reflect poorly on the role of the private sector in the market's performance. “The private sector of the US economy is very strong,” she tells GlobeSt.com, “and it is supporting demand-side property-market fundamentals.”
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
