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Office Report

United States

Report | United States Office Outlook - Q4 2013


​In 2013, the U.S. office sector handed in its best performance in seven years. Leasing activity increased, absorption neared 40 million square feet and vacancy dipped to its lowest point since 2007. As a result of this momentum, landlords across the country lowered concessions in lease negotiations and consistently pushed pricing upward throughout the course of the year.  

2014 will begin without consistent clouds from the Washington public sector with elements of bipartisanship sweeping through a federal budget for the first time since 2009. That accomplishment, coupled with a private sector economy that will see employment levels return to pre-recession levels by midyear, will continue to bolster corporate confidence and heighten economic prospects ahead not just in a handful of markets, but across the overwhelming majority of the country. 

Accordingly, as 2014 progresses, tenants can expect to see their leverage slip away across geographies and pricing return to levels last seen in 2007. The lack of new development options across the majority of markets signals the landlord-friendly environment could stick through the middle of 2015, at a minimum, when new supply begins to flow into the market.

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