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Tuesday, July 10, 2012

Office Market: Top Cities with Rent Growth

Despite all the economic tension there has recently been due to the European crisis, to weak labor markets  and a slowed economy in the US, many are wondering what has happened with the office market. While some cities as San Francisco keep a steady growth, other cities face a half speed recovery.

Here are some highlight if the report published by REIS Inc:

·         National vacancy rates remained unchanged from the first quarter of 2012.
·         Asking and effective rent went down from 0.5 to 0.3% during the second quarter of the year.
·         There was 1.6 million Square feet of new supply. The weakest level of supply growth since 1999
Source: Reisreports.com

But these some cities continue to show rent growth and a steady market:

·         San Francisco
·         New York
·         Washington DC
·         San Jose
·         Boston
·         Austin
·         Seattle
·         Denver
Given that many technology companies are based out of San Francisco and surrounding areas as San Bruno and San Jose, that area is expected to have the greatest rent increase in the country this year.

We still have half of the year ahead of us; there might be more surprises, more acquisitions and more expansions.

If you would like to contact OfficeList to share some news about your offices, please call us at (866) 354-5478.

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