Report | United States Office Insight - Q4 2010
Demand levels are steadily increasing throughout market segments. Almost two-thirds of major markets experienced an uptick in tour velocity during the fourth quarter. The four industry groups posting the largest occupancy gains and their affected markets are federal government, for-profit education, energy and technology.
Absorption is slightly up and vacancy is down, a trend which should continue into 2011. While it has gained for three consecutive quarters, it is still relatively weak overall. Nationwide vacancy levels closed 2010 at an average 18.6%, almost identical to 2009. Net effective rents are increasing as rent abatement and tenant improvement allowances have fallen. Asking rents are essentially stable at an average $27.20/s.f.
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