U.S. office building occupancy shows insubstantial growth

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
501 East Las Olas Boulevard in Fort Lauderdale, FL with CP Group’s Partner Chris Eachus and Managing Partner Angelo Bianco and Macquarie’s CEO Shemara Wikramanayake (Google Maps, CP Group, Macquarie, Getty)
Related Fund Management, CP flip portion of Las Olas Square
Related Fund Management, CP flip portion of Las Olas Square
Rendering of 830 Brickell office tower; Cushman & Wakefield's Brian Gale, JLL's Manny De Zárraga, Avison Young's Donna Abood, Dwntwn Realty Advisors' Tony Arellano and Stephen Rutchik. (Credit: OKO Group and Cain International, JLL, CW, Dwntwn Realty Advisors, Cushman & Wakefield, Avison Young, Getty, 830 Brickell)
Meet the commercial brokers making bank in Miami
Meet the commercial brokers making bank in Miami
Brick & Timber's Jesse Feldman and Glenn Gilmore, Tricera Capital's Ben Mandell, and Lndmrk Development's Alex Karakhanian with Cube Wynwd (Brick & Timber, LinkedIn, Tricera, Lndmrk Development, Getty Images)
Brick & Timber to buy Cube Wynwd office building for $60M
Brick & Timber to buy Cube Wynwd office building for $60M
Ken Griffin in the center, with Brickell (right) and Palm Beach (below)
Ken Griffin’s Citadel comes to Brickell — and supercharges the market
Ken Griffin’s Citadel comes to Brickell — and supercharges the market
Keiser University CEO Arthur Keiser in front of 1900 West Commercial Boulevard and 1500 Northwest 49th Street in Fort Lauderdale (Keiser University, Keenan Development Group, Getty Images)
Keiser University sells pair of Fort Lauderdale office properties for $58M
Keiser University sells pair of Fort Lauderdale office properties for $58M
From left: MHCommercial Real Estate Fund II's Jordan Paul, Dung Lam and Neil Merin along with the Yamato Office Center in Boca Raton and the Bridge Point Powerline Road in Pompano Beach (NAI Global, LoopNet, Getty Images)
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
From left: Jorge Mas, Swire’s Kieran Bowers, David Beckham, and Stephen Ross
Beckham’s soccer stadium; Swire, Ross’ Brickell City Centre tower rezonings get preliminary commission OK
Beckham’s soccer stadium; Swire, Ross’ Brickell City Centre tower rezonings get preliminary commission OK
Related Group’s Jorge Pérez and Jon Paul Pérez with 2999 Northeast 191th Street (Related, Google Maps)
Related, partner pay $51M for Aventura mixed-use dev site
Related, partner pay $51M for Aventura mixed-use dev site
arrow_forward_ios

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

Loading...