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Occupier Report

United States

Report | United States Office Occupier Outlook - Q4 2010

Summary

Many corporate occupiers are positioned for growth in 2011, but it will be awhile before robust hiring resumes.  High internal vacancy rates will delay the impact on the office market. 
 
Once occupiers are ready to expand office footprints again, location decisions will be under more scrutiny than ever before.  Real estate will take a much bigger role in strategic business plans and productivity enhancement.  Space and resources will take center stage. 

Office rental rates have hit bottom in most markets, and lease activity is picking up in select pockets.  Net effective rents are increasing slightly as tenant improvements and rate abatements taper off.

Among trends to watch:
  • Many occupiers are maximizing bottomed-out rental rates for “flight to quality” moves from suburbs to better located CBDs.
  • Workplace mobility will accelerate as a vehicle to enhance productivity, attract talent and reduce costs.  Today’s exploratory programs will become more comprehensive and mainstream.

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