RCA Data Illustrates Office Sector's Recovery in Cassidy Turley Q1 Report
Cassidy Turley reports: Based on data sourced by Real Capital Analytics (RCA), leading commercial real estate services firm Cassidy Turley recently analyzed US office sales by market to provide an understanding of the sector’s dynamics and outlook for 2011. The resulting report stated that though the office sector's “…demand recovery in 2010 was primarily concentrated in Washington, DC, New York, and Dallas…” it is now spreading outward to secondary markets. Of 82 markets analyzed in Cassidy’s report, 52 posted increases in net absorption, or the ratio of demand and supply for space currently on offer in a market.
“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,” stated Cassidy Chief Economist Kevin Thorpe. Also citing data aggregated by RCA, Cassidy recognized that office sales volume has nearly tripled between the first quarters of 2010 and 2011, as cap rates have fallen by 150 basis points from their 2009 peak. Though risks remain, Mr Thorpe stated he believes that, “Increasing momentum in the labor markets – and specifically the rise in permanent payroll hiring – signals that demand will continue to strengthen and vacancy will continue to erode.”
To download the full report from Cassidy Turley's website, please visit the link below.
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Posted by: Nina Turner