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Office Holds Firm As Rents Peak

Rents remained basically flat during Q2 in six of the 10 biggest US office markets, including Manhattan, says Colliers International.

By Paul Bubny | paulbubny | Updated on August 10, 2017

Midtown Manhattan skyline Office landlords in Manhattan saw basically flat growth in rents during the second quarter. (Photo: W45lin)

SEATTLE—Office-market fundamentals in the nation’s 10 major metro areas generally remained solid during the second quarter, Colliers International said Wednesday. At the same time, the firm points to a leveling off of rent growth and to a pair of key factors that suggest upward pressure on vacancy rates: tenant downsizing and new supply.

“In Q2 2017, absorption rose in six of the 10 markets and fell in four,” according to Colliers. “Taking into account new supply, vacancy rose in four markets, fell in three and remained unchanged in three,” about the same ratio seen in Q1.

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