Check out the Q2/24 Suburban Office Market Report. The suburban market saw -800,000 SF absorbed in the first half of 2024, with a steady direct vacancy rate of 24%. Available sublease space decreased to 2.7M SF, and the average gross asking rate is $27/SF. Read the full report for more insights: https://lnkd.in/dtZN7Tmk #SuburbanMarketReport #CREChicago
Bradford Allen’s Post
More Relevant Posts
-
The Charlotte office market saw the deepest negative absorption on record in 2023. Three of the market's 10 largest employers moved forward with long-planned space consolidations and total leasing volume continued to lag pre-pandemic trends. Office vacancies are likely to continue rising in 2024 as tenants continue to exit older space and lease smaller footprints. But some other metrics point to, if not optimism, at least more clarity for the market moving forward. 1. About 55% of leases that were signed before 2020 have now expired. That means that less than half of office space now occupied was leased as a result of pre-pandemic decisions. 2. Relatedly, sublet availability levels have stabilized at around 3 million square feet with no net addition to that total in 2023. As new trophy space fills up, and very little new construction is underway, new tenants may begin to consider these spaces more seriously. Full article available to CoStar Group subscribers.
To view or add a comment, sign in
-
A renewed focus on the efficient use of office space led to further footprint reductions and higher overall vacancy in 2023. Occupiers have given back 64.6 million SF in the past 12 months, bringing cumulative net move-outs to over 200 million since March 2020. But is there a silver lining? Find out here. https://okt.to/K3hgXN
To view or add a comment, sign in
-
🚨 Office Space Crisis Alert: 4 Decade High in Vacancy Rates! As we step into 2024, the world of commercial real estate continues to struggle. The vacancy rate for office spaces in major U.S. cities has hit a record high, a scenario not witnessed since 1979. 📈 📊 Key Stats: - Nearly 20% of office spaces are unleased as of Q4 2023. - This marks an increase from 18.8% in the previous year. - Texas cities like Houston, Dallas, and Austin are facing the brunt of this trend. 📉 What's Behind This Trend? According to Moody's Analytics: - The COVID-19 pandemic has accelerated the shift towards home and hybrid working models. - Historical overbuilding in the 1970s and 80s plays a significant role. 🔍 Impact: - This isn't just about empty offices; it's a trend that's affecting the share prices of commercial real estate investment trusts, especially in Texas. What do you think can be done to revive the commercial real estate sector? #RealEstate #CommercialRealEstate #OfficeSpace #EconomicTrends #BusinessStrategy #HybridWork
To view or add a comment, sign in
-
The surge in tenanted office space raises a question: what drove this increase? Morgan McGilvray, Senior Director for Occupier Strategy & Solutions, says that despite declining demand, the steady influx of office supply persisted, propelling vacancy rates from 5% to 30%. Get the data and read the full insights here: https://lnkd.in/g89Y44eD Check property listings at https://lnkd.in/dE4H_nfP #YourPartnersinProperty #SantosKnightFrank #KnightFrank #Q1OfficeUpdate
To view or add a comment, sign in
-
Explore the latest trends in Denver’s office market! Vacancy rates have risen to 29.0% with an influx of 2.1 million square feet of new space, yet Downtown Denver rental rates soared by 9.7% to $43.03 per square foot. Curious about what this means for the market? Dive into the full report for detailed insights and analysis.
Denver Q2 2024 Office Market Report
savills.us
To view or add a comment, sign in
-
2024 seems to be the year the Midtown office market will get back on track more leases spark price discovery > stabilizing rents > visibility into building values > liquidity > repricing and capital stack resets > bringing supply-demand to equilibrium > increased space competitiveness Firming up of interest rate outlook is also a positive development for the health of the market
To view or add a comment, sign in
-
Read The Rochlin Organization's Top 5 Trends for Long Island Commercial Office Space 2024. Learn about the impact of interest rate changes, market timing strategies, debt management dynamics, and the evolving preferences in urban vs suburban spaces. Understand how employment trends are reshaping office environments. This is perfect for landlords and commercial office space seekers looking to stay informed and ahead in 2024. Read it here : https://lnkd.in/eSRmbkc9 #CommercialOfficeSpaceTrends #5FastFacts #TheRochlinOrganization
To view or add a comment, sign in
-
Our latest research shows Landlords are taking steps to meet the demand for high-quality refurbished space with the pipeline post-2024 looking healthier than it was a year ago. Of the space due to complete in the next 6 months, 50% is already either under offer or in negotiations as large occupiers look to the pipeline to satisfy demand. To find out data on office takeup and more, read our full research report via our website or do get in touch with Ann Ibrahim and Mark Anstey to discuss in further detail. #LondonOffices
Q2 Centre of London Research
To view or add a comment, sign in
-
FIRE industries are driving demand for office space in Urban Boston, Tech and other industries lag behind Dive deeper: https://lnkd.in/ejV92d5W Office space demand in Urban Boston is strong, with 3.3 msf of active requirements from 90 companies. Leading the charge are the finance, insurance, and real estate (FIRE) sectors, accounting for 1.2 million square feet of this demand. #Boston #Office #AVANTbyAY #AYdifference
To view or add a comment, sign in
-
Several converging variables have caused businesses to reevaluate their office footprint needs. So, what to do with all that potential vacant space? Check out our blog at https://bit.ly/4avlJaz for the full story. #CommercialRealEstate #OfficeConversions #ResidentialHousing #RealEstate #ExperienceAndersonBiro
To view or add a comment, sign in
5,106 followers