CBRE Wei Xie - Seven of the top ten leases were in the coworking, creative industries, tech and nonprofit sectors, while large government and law firm users were quiet during the quarter.
- The amenity race continues to intensify. To retain and attract tenants, office owners and developers are adding upgrades ranging from green roofs to high-end fitness centers and golf simulators.
- Amid ongoing repositioning activity, Class B availabilities in the Central Business District and East End have begun tightening. The vacancy rate for Class B product that is not slated for near-term redevelopment closed the second quarter at 9.1 percent in the downtown core, compared to the overall market vacancy of 13.6 percent. Full-service Class B rents rose $1.80 over the quarter to an average of $49.84 per square foot.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
