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United States

Report | United States Office First Look - Q1 2016

Summary

Three things caught our eye in our first look at Q1 2016 office market trends: Occupancy growth in high-demand markets, rent acceleration ahead of supply relief and a slowing of expansionary leasing activity.

  • High-demand markets: Where tenant demand and talent migration is high—places like Austin, San Antonio and Silicon Valley—markets reported above-average occupancy gains as a percent of inventory.
  • Rents accelerate ahead of supply: Supply constraints in Silicon Valley, Oakland-East Bay and Nashville lead to significant rent increases of 15.8, 9.7 and 6.7 percent, respectively.
  • Expansionary leasing: While last year's activity was largely driven by expansions, 2016 is starting out with tenants staying the course. More than half (53.8%) maintained their current occupancy this quarter, rather than expanding.

Get the first look at what's going on in office markets nationwide so far in 2016. 

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