Search
 

Suburbs Pull Ahead in Q1 Office Leasing

LOS ANGELES—Notwithstanding a slight increase in national vacancy, more than 80% of US markets saw year-over-year rent increases in Q1, says CBRE.

By Paul Bubny | paulbubny | Updated on May 25, 2017

Photo of suburban office building Suburban office buildings, such as this Short Hills, NJ property that recently traded to Mack-Cali, accounted for nearly 75% of Q1 net absorption.

LOS ANGELES—For the first time in seven years, US office vacancies nationwide ticked upward slightly in the first quarter, CBRE said Wednesday. However, the firm’s latest Americas Office Report notes that vacancies declined on the local level in most markets during Q1, notably in the suburbs.

“Despite political and economic uncertainty, office market fundamentals continue to strengthen in the Americas as a whole, but opportunities and risks vary for individual markets,” the report states. “US employment growth remains strong, and tightening labor market conditions are keeping companies focused on labor cost and availability when selecting new markets. Building amenities that facilitate talent attraction and retention are equally important.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.