Jan
10
Office Rent Gains Accelerate in ’15
ByOutstanding speaker lineup! Hear from the experts at RealShare Industrial West. The Westin Long Beach, January 19-20.
Thorpe: “The pipeline continues to lag in this cycle.”NEW YORK CITY—Office rents nationwide increased last year at the fastest pace since the depths of the downturn,Cushman & Wakefield said Thursday afternoon. The year-over-year gain of 4.9% during the fourth quarter was the best since rent growth peaked in 2008, according to C&W.While the top-dollar office submarkets have gone from strength to strength in recent years, the recovery has begun expanding outward in a big way. “Secondary and tertiary markets really came on strong in 2015 —that was the news for the office sector,” says Kevin Thorpe, C&W’s chief economist. “Up until last year, it was still mostly the gateway cities driving the demand metrics. Gateway cities are still performing well, but the fourth quarter data shows that seven of the top 10 absorption cities were non-gateway markets.”…
