Investment Sales Rise as US Office Vacancy Inches Down
PR Newswire reports: In a recent report put out by leading commercial real estate service provider Cassidy Turley, it was determined that demand for office space rose to 12.8 million square feet during the second quarter of 2011. This was the fifth consecutive quarterly gain in net absorption -- causing vacancy in the US office sector to fall 10 basis points during the second quarter, to 16.4% -- and the strongest absolute demand in four years.
This rise in demand, PR Newswire points out, corresponds directly with the year-long rise in CBD and suburban office sales observed through data aggregated by Real Capital Analytics. Office sales tallied $17.9 billion in the first five months of 2011, which was more than double the volume of the same period last year. PR also cited the rise in pricing for office space as a result of the increasing demand for office footage: “Average price per square foot registered at$211 in May, up 25% from a year ago.”
View the full article on PR Newswire: Investment Sales Rise as US Office Vacancy Inches Down
Articles related to this topic:
Minneapolis Office Market Defrosts
2006 Houston Investment Pays Off Big for Brookfield Office Properties
Washington, DC Still Setting Pace for US Office Sector
Leading US Brokerage Firms Back on Track, Expanding Abroad
Apartment Sector Strength Reflects Macroeconomic Trends
Asia-Pacific Zone Sees Rise in Cross-Border and Domestic Investment
The Start of a New Cycle? Shovels Being Sunk in Miami by Foreign Developers
Opportunities Seen in the Motor City
Private Equity Firms Pair-Off and Line Up for Anglo Irish's US Loan Portfolio
Rising Demand for US Industrial Space Drives Sector's Investment Sales
San Francisco Office Sub-Market All A-Twitter
Bubble, Bubble, LTV, and Trouble
CommonWealth REIT Buying NOLA's Tallest Skyscraper
Hines Sells Chicago's 3 First National Plaza for Nearly $350 Mil.
Posted by: Nina Turner