Office Demand Remains Strong in Phoenix, Though Concerns Persist

Phoenix experienced 1.8 million square feet of absorption and an overall office vacancy rate dipping to 17 percent by the end of 2019. Now that the New Year is here, the city is poised to continue its positive progression as healthcare, science, technology and the professional office service sector continue to show steady employment growth. Arizona ranked third in the U.S. with 2.6 percent job creation, as of the third quarter of 2019. That’s 74,000 new jobs for the year, including 6,900 jobs …

Government Services Keep Downtown Honolulu’s Office Market Humming

Honolulu’s office market has remained relatively unchanged for the past decade, but recent events have led to a dramatic shift in the direction of the Downtown submarket. Office vacancy rates in Downtown Honolulu have increased consistently in recent years, and steady leasing activity has led to declining vacancy. The Downtown office market is currently the tightest it has ever been. The vacancy rate in Downtown Honolulu decreased 70 basis points to 12.1 percent in the third quarter of 2019, …

Dallas, Fort Worth Office Markets See Strong Growth in Professional Services

The Dallas office market has changed drastically over the past 10 years. Though Far North Dallas has gotten its fair share of notoriety during this time (and justifiably so), the fundamentals of North Texas as a great place for business are sparking growth and activity across the market for established companies and those looking to relocate. Consider Las Colinas, which over the last few years has seen several major headquarter relocations, including large healthcare providers that have …

Mass Timber Emerges as Preferred Construction in New Hampshire Office Market

If you’ve spent time in quaint New England cottages, you know that unique indoor environment can conjure feelings of warmth, happiness and comfort. Exposed wood inside of houses provides sensations of coziness and security that have been emulated in biophilic design —  a term referring to the human connection with nature — across America. So why hasn’t this warm and healthy feeling spread to America’s offices? We’ve seen the mill brick buildings and the steel and concrete office …

Las Vegas Office Market Turns to Downtown for Opportunities

The overall Las Vegas office market has seen steady positive absorption since 2012. Vacancy rates peaked in 2012 and have been declining year over year. The market vacancy rate is 11.7 percent, as of the third quarter. Occupiers are looking at higher-density options with outdoor collaborative areas and walkable amenities. There are projects planned in several submarkets that can accommodate these requirements, however, with those submarkets tightening, these new projects will be at the …

Brooklyn and Queens: Worthy Alternatives to Overpriced Manhattan Office Market?

New York City is one of the priciest office markets in the world, with Manhattan housing the core business district of the city. The borough has always been the place to be — the ultimate live-work-play destination that houses the big corporations and the talent that recruiters look for. Overall, office asking rents in Manhattan fell only slightly during the third quarter to $74 per square foot, per Cushman & Wakefield, while rents in some submarkets continued to rise. In highly …

Texas Office Owners: Sell or Hold?

While rumors of a looming recession dot the mainstream media landscape and pervade conversations at bars and water coolers, Dallas-Fort Worth (DFW) and Austin are humming along with the kind of healthy job growth that reduces that talk to little more than a whisper.  Growth in office-using sectors like tech, finance, engineering and business services in both the state’s capital and largest metropolis continues to fuel demand for space, push rents to new levels and drive price  appreciation …

Developers Adapt to Tight Office Market in Northeast

Office vacancies are falling across the big metros of the Northeast as robust user demand outpaces the supply of new construction. Deliveries in the last year have primarily been limited to Class A, build-to-suit properties and mixed-use developments. Meanwhile, office tenants are seeking high-end amenities at favorable prices. Nationally, the office vacancy rate stood at 16.8 percent in the second quarter, up slightly from 16.6 percent a year ago, according to real estate research firm Reis. …

Landlords Emphasize Top-Quality Amenities, Services in OC’s Office Market

Employers throughout Orange County continue to seek ways to attract and retain the best and brightest talent as unemployment dropped to 2.4 percent in the second quarter, below both the California and U.S. rates. That, in turn, has resulted in landlords reinvesting in their properties, providing creative and flexible work spaces, and offering a variety of onsite amenities and service that help companies fulfill that goal. Landlords continue to seek out creative competitive advantages by …

Strong Mix of Fortune 500 Companies Helps Fuel Growth of Twin Cities

Even in the context of a sustained stretch of national economic growth and a Midwest region where there are plenty of high-performing markets, Minneapolis-St. Paul stands out. The commercial real estate market in and around the Twin Cities is thriving, in large part due to some impressive structural fundamentals. Metrics and measurables The state of Minnesota — especially the Minneapolis-St. Paul metro area — has a very diverse base of employment, with a long list of significant Fortune …

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