NEW YORK CITY-Houston, New York City and Washington, DC lead the office-investment pack, says a newly released study conducted by locally based Integra Realty Resources. Furthermore, the firm's 12th annual Viewpoint study documents what we all are feeling–that the industry is poised for recovery.
Number-One ranked Houston, while reeling from the Enron scandal, still boasts a 7.4% vacancy rate and will gain by a dearth of additional construction. Additionally, TrizecHahn, which owns the Enron building, expects the space to be re-leased within a year.
New York came in at Number Two, despite its current Downtown woes and the fact that it's total “vacancy rate nearly doubled from the 4.5% of the previous year.” Washington D.C., with a 4.5% vacancy rate, came in at No. 3. Nationally, the Integra study reports a downtown office vacancy rate of 10%, “well above” the 7.3% of last year.
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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.
