U.S. office building occupancy shows insubstantial growth

TRD MIAMI /
Jul.July 06, 2011 12:43 PM

A microcosm of the national economic recovery as a whole, the U.S. office real estate market picked up 3.7 million more square feet of occupancy in the second quarter of 2011, which marked a fall back from the 5.5 million square feet gained in the first quarter. According to research by Reis, which studies 79 U.S. office markets, cited by the Wall Street Journal there’s still a gap of 126 million square feet of office space that needs to be filled to attain the total occupancy achieved in January 2008. “Relative to the overall inventory, it’s not a large amount,” said Ryan Severino, an economist at Reis. “We are generally trending in the right direction, even if it is a slower, more inconsistent recovery than market participants would like to see.” Not surprisingly, New York and Washington, D.C. are powering what little recovery the market has experienced. D.C. has the lowest office vacancy rate in the nation at 9 percent, and office rents are climbing in New York. Meanwhile vacancy rates in hard-hit Las Vegas and Phoenix remain at 24.9 and 26.5 percent, respectively. [WSJ]


Related Articles

arrow_forward_ios
As resi brokers in South Florida report an uptick in sales and rentals largely fueled by homeowners fleeing dense markets like New York, office brokers say they’re starting to see a similar trend play out among tech firms. (iStock)

More tech firms eye Miami as Covid carries on

More tech firms eye Miami as Covid carries on
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 

Related switches gears on Terminal Island project, now plans low-rise offices

Related switches gears on Terminal Island project, now plans low-rise offices
NAI/Merin Hunter Codman Chairman Neil Merin and Golden Bear Plaza

Golden Bear Plaza office complex in Palm Beach Gardens sells for $50M

Golden Bear Plaza office complex in Palm Beach Gardens sells for $50M
Anabella Smith, Louis Archambault, Scott Goldstein

“There’s a lot of concern about going back to an office”: how companies are returning to work in South Florida

“There’s a lot of concern about going back to an office”: how companies are returning to work in South Florida
Jeff Greene and a rendering of 550 North Quadrille Boulevard (Credit: Arquitectonica International via Facebook)

Billionaire Jeff Greene battles with WPB mayor over unfinished office building

Billionaire Jeff Greene battles with WPB mayor over unfinished office building
(Credit: iStock)

Here’s how South Florida’s office market is changing in the coronavirus era

Here’s how South Florida’s office market is changing in the coronavirus era
Richard Kayne, Founder and Co-Chairman of Kayne Anderson Capital Advisors, 5645 Military Trail Lake Worth Beach (Credit: Google Maps)

Kayne Anderson buys medical offices in Lake Worth Beach

Kayne Anderson buys medical offices in Lake Worth Beach
One Clearlake Centre, JLL Capital's Maxx Carney, Chris Drew and Ike Ojala

West Palm office tower scores $39M loan

West Palm office tower scores $39M loan
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...