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Office Report

United States

Report | United States Office Outlook - Q4 2010

Summary

“Uncertainty and angst” will likely upgrade to “cautious confidence” during 2011.  Tenants gradually returned to the market during late 2010.  The result: positive absorption, lower vacancy rates and stabilized net effective rents.

Looking into 2011, most tenants’ balance sheets appear healthy, elevating opportunity for growth.  For landlords, the bottom is at hand or close.  Owners will begin to cautiously scale back concessions and inch up rents. 

The best ownership opportunities have emerged in pockets for core CBD Trophy/Class A buildings in San Francisco; New York; Washington, DC; Dallas and Boston.  In such select markets, rents should further increase in 2011 with potential for spikes in 2012 and 2013 due to scarce new supply.  Technology, healthcare and federal government organizations are among the hungriest for increased space. 

On the backside, laggards include:
  • Markets such as Chicago, Detroit, South Florida, Las Vegas and Sacramento
  • Industries such as housing, consumer and manufacturing

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