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United States

Report | United States Office First Look - Q3 2016

Summary

Though the rate of growth is slowing, a first look at the Q3 office market shows strong activity across the board.

  • Rents are up 1% overall and as much as 8.9% in markets where new, high-quality supply is coming online.  In many markets, landlords will maintain leasing leverage through 2017, but we expect leasing conditions to shift in 2018.
  • Supply constraints continued to plague the market at large—particularly in Millennial-favored markets. Vacancy inched downward to reach 14.5% overall—12.9% CBDs and 15.9% in the suburbs. Nashville remains the tightest market in the country, followed by Salt Lake City, Seattle-Bellevue and San Francisco.
  • Construction is in full swing, with 105 million square feet in the development pipeline led by New York, Dallas and Washington, D.C. 

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