Q1 2013 Office Trends

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For 30 years, Reis has been the most trusted provider of commercial real estate market data, research and analytics, maintain an objective, transparent approach to data collection. Reis covers over 200 metros and 2,500 submarkets across the Apartment, Office, Retail, Industrial, and Self-Storage sectors. Watch the video blog below.

Reis’s latest video installment covers recent trends in the Office market as analyzed by Reis’s VP of Economics & Research, Dr. Victor Calanog. In the video, Dr. Calanog summarizes recent trends in rent, vacancy, new construction, job growth and more.

Key Points:

  • Continuing a slow recovery, Office vacancies declined by 10 bps to 17 percent.
  • Asking and effective rents grew by 0.7 percent; the tenth consecutive quarterly increase since the fourth quarter of 2010.
  • Labor markets continue to heal with 195,750 jobs created per month on average so far this year, slightly higher than 2011 and 2012 averages.

Video By Reis

Dr. Victor Calanog notes that the Office sector has improved, albeit at a slow pace. Have you seen these slow and steady improvements in the Office market in your metro and region?

About the author:

Victor Calanog is Head of Research and Economics at Reis. His assessments of market conditions have appeared in national publications like the Wall Street Journal, New York Times, Bloomberg News, Financial Times, and Reuters News. Dr. Calanog writes several columns on commercial real estate for various industry publications, and serves on the Editorial Board of CRE Finance World.  Dr. Calanog holds a PhD in Applied Economics and Management Science, a MA in Public Policy and MBA in Finance, all from the Wharton School of the University of Pennsylvania.