Monday, January 07, 2013
Positve Signs For The Office Sector
Via Calculated Risk, here is the latest from Reis on the office sector. Vacancy rates declined in the fourth quarter to 17.1% from 17.2%. This was not the data that caught my eye. Rents increased nearly 1% during the quarter, the strongest gain since 2008. In 2012, 12.025 million square feet of new office space was completed, down from 15.164 million square feet in 2011, and we know 2011 was such a banner year. New construction is expected to continue at its current low pace. I like that rents are increasing with limited new supply.