{"id":1004032999,"date":"2011-10-10T11:09:27","date_gmt":"2011-10-10T19:09:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004032999"},"modified":"2022-12-04T00:33:10","modified_gmt":"2022-12-04T08:33:10","slug":"report-domestic-office-sector-moving-upward-despite-weak-economy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/report-domestic-office-sector-moving-upward-despite-weak-economy\/","title":{"rendered":"Report: Domestic Office Sector Moving Upward Despite Weak Economy"},"content":{"rendered":"

October 10, 2011<\/strong>
\nBy Nicholas Ziegler, News Editor<\/em>
\n

\"\"<\/a>

Courtesy Flickr Creative Commons user thenails<\/p><\/div><\/p>\n

Released the same day as the federal government\u2019s jobs report that saw 103,000 positions added to the economy<\/a>, Cassidy Turley is seeing an uptick in demand for office space around the country. According to its latest research, a net 14.9 million square feet were registered in the third quarter of 2011, the largest quarterly gain in more than four years.<\/p>\n

Despite problems over the last few months, the firm\u2019s chief economist, Kevin Thorpe, remains optimistic. \u201cWhat this report shows,\u201d he said, \u201cis that even in the most tenuous economic environment, we can have sectors and local markets that remain healthy and growing.\u201d<\/p>\n

Investment sales, however, clearly slowed in the summer months of July and August. After averaging $5.8 billion in closed transactions in both May and June, sales decelerated to $4.0 billion in July and slid further to $3.8 billion in August 2011. Current economic indicators suggest a continued, but slow U.S. recovery, although the risk of a near-term recession is at 41 percent, as the European financial crisis worsens.<\/p>\n

\u201cGiven the elevated risks, there has been a noticeable resurgence in demand for core\/safe assets, accompanied by a renewed fear related to value-add assets,\u201d Thorpe said. \u201cWith the latest drop in treasury yields, core asset pricing in all markets – major, secondary and tertiary – could very well continue to surprise on the upside.\u201d<\/p>\n

The report\u2019s other trends found that, although 54 out of 82 markets recorded positive gains in the third quarter of 2011, these gains were largely powered by significant increases in markets located in Texas and New York.\u00a0 Additionally, the top five demand markets in the third quarter of 2011 include New York City, which added 2.4 million square feet; Houston, which added 984,000; Austin, with 930,000; Long Island, with 771,000; and Dallas, with 740,000.<\/p>\n

The complete version of the report will be released this Friday, Oct. 14.<\/p>\n","protected":false},"excerpt":{"rendered":"

A report by Cassidy Turley showed an uptick in demand for office space around the country. 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