The U.S. office market had its smallest increase in net occupancies in a year in the second quarter as job growth slowed, Reis Inc. said.
Net occupancies climbed by 4.14 million square feet (384,000 square meters) in the second quarter, the least since 2.73 million square feet was added a year earlier, according to the New York-based property-research firm. The gain in occupancies, the sixth in a row, compared with 6 million square feet in the first quarter.
Effective rents, or what tenants pay after landlord incentives such as a free month are included, rose to $22.72 per square foot from $22.66 in the first quarter and $22.27 a year earlier, Reis said. The national office vacancy rate of 17.2 percent was unchanged from the first quarter and down from 17.5 percent a year earlier.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
