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Despite the impact of rising oil prices, which have made a significant impact on the nation's economy, a report from Cassidy Turley finds that the U.S. office market continues to show improvements.
According to the firm, 52 of the 82 cities examined saw increases in net absorption, and the overall vacancy rate dropped 30 basis points to 16.5 percent. At the same time, rents also increased, rising to $21.36 per square foot during the quarter.
"This is the first report in over two years that shows all of the metrics used to measure the health of the U.S. office sector are strengthening," said Kevin Thorpe, chief economist at Cassidy Turley. "The office sector is heading in the right direction."
The Houston real estate market was one of the strongest in the South region, according to the report, with the most office space absorption of any market in the region and the fourth-most in the country. However, average rents have fallen 2.5 percent over the past year.
The improvements mirror those seen in a recent report from Reis, which said that office occupancy and rents increased during the first quarter of the year, even though they were still below 2008 highs.
Commercial real estate investors set to lower expectationsIn a sign that may indicate investors have run out of patience with the pace of recovery in the commercial real estate industry, a new analysis suggests they are ready to take on a revised mindset as far as expectations concerned.February 11th, 2013 4:48am
Commercial sector surges forwardWhile Houston homes have been purchased with great alacrity, the same can be said for the commercial sector as well, breathing new life into the Houston real estate climate.February 4th, 2013 5:03am
Houston named one of the must-watch markets of 2013While many local residential and commercial markets across the country continue to struggle, Houston was recently recognized as one of the top real estate markets to watch in 2013.October 18th, 2012 10:26am