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Non-CBD Office Wins in Second Quarter

SAN FRANCISCO—The big year-over-year gainers in leasing activity and absorption were non-CBD markets including Northern Virginia and Silicon Valley, says Cushman & Wakefield.

By Paul Bubny | Updated on July 20, 2015

SAN FRANCISCO—Although office vacancy rates have been declining generally over the past several quarters, some of the biggest winners in the second quarter were non-CBD markets, says Cushman & Wakefield. “The early positive momentum generated in the first quarter continued,” says Maria Sicola, head of research for the Americas at C&W. “That momentum can be seen in terms of absorption and rental rate growth.”

In San Francisco, where Sicola is based, Q2 vacancy for non-CBD space was lower than that of CBD office: 4.4% compared to 7.4% for the CBD. That’s also the case in 11 other markets C&W tracks, with the difference ranging from a percentage point or two (Atlanta) to a non-CBD vacancy rate that’s half that of the CBD (Silicon Valley).

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