LOS ANGELES-CBRE's Q2 office vacancy report shows declines in vacancy rates in most major markets. But L.A. has shown no change.

The statistics show L.A. now has a 16.8% vacancy rate, unchanged from the second quarter. It's keeping company with New York City, which is also unchanged. But ten of the 13 largest markets showed declines in office vacancy, led by Boston and Houston.

In the major US office markets tracked by CBRE, Boston and Houston recorded the biggest drops in vacancy during Q2 2013, both decreasing 50 basis points. They were driven by the technology and healthcare sectors in Boston and by the energy sector in Houston.

Washington, D.C. was the only major market to register an increase in vacancy, at 20 bps, with decreased activity by the federal government continuing to weigh on the market.  Rental rates continued to trend higher and concessions remained stable in most markets due to moderate job growth.

Industrial availability, defined as space that is actively being marketed and available for tenant build-out within 12 months, showed that during Q2 2013, availability rates for most major US industrial markets continued to decrease. At 100 bps, Miami had the largest decrease in availability rates compared with Q1 2013, as improvements to Port Miami attracted a number of large tenants. Atlanta had the second-biggest decrease, with a 50 bps decline, benefitting from its prominence as a distribution hub in the Southeast.

Three of the 12 major markets—Los Angeles (up 50 bps), Phoenix (up 40 bps) and Northern New Jersey (up 20 bps) saw availability increase during this period. During Q2 2013 rents and tenant concessions remained steady, with the exception of a few markets including Dallas, Denver, Boston and Chicago, where rents are increasing due to diminished availability, particularly for class-A space.

Demand for warehouse and distribution space remained high. Most construction activity, particularly for requirements greater than 500,000 square feet., remains build-to-suit for a particular tenant's needs. However, speculative construction for new, multi-tenanted buildings is also on the rise.

CBRE executives were not immediately available for additional comment.

As previously reported by GlobeSt.com, CBRE Global Investors has added a new class-A office property to its portfolio. The firm made the purchase on behalf of its CBRE Strategic Partners US Value 6. The property in question is Signature Place I and II, a two-building asset in the Far North Dallas submarket. Neither the purchase price nor the seller's identity were disclosed.

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