National office sector showing stability
April 7th, 2011 11:09am
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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.
Courtesy of 2M Realty News
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