Although the research numbers by each brokerage differ somewhat,they both agree the office market here is improving. "While it isstill too early to predict a full recovery, there are some signsthat the market is starting to turn," says Michael Sweeney, a Grubb& Ellis vice president.
"There was a rise in absorption due to the signing of some largeleases; average rental rates have risen slightly; and there is anincrease in new construction," Sweeney says.
"The effects of reduced lease rates, broker incentives andlandlord concessions have made a significant impact on the marketthis quarter," Bobby Palta, executive director of market analyticsand geographic information systems at Colliers Arnold, tellsGlobeSt.com. The CBD is showing remarkable signs of improvementthis quarter, outperforming most other Downtowns in thenation."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
