{"id":1004089815,"date":"2014-01-15T12:33:52","date_gmt":"2014-01-15T20:33:52","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004089815"},"modified":"2022-12-06T17:31:10","modified_gmt":"2022-12-07T01:31:10","slug":"jlls-q4-national-office-market-report-shows-broadening-recovery","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jlls-q4-national-office-market-report-shows-broadening-recovery\/","title":{"rendered":"JLL\u2019s Q4 National Office Market Report Shows Broadening Recovery"},"content":{"rendered":"<p><i>By Keith Loria, Contributing Editor<\/i><\/p>\n<div id=\"attachment_100408\" style=\"width: 160px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/John-Sikaitis.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-100408\" data-attachment-id=\"1004089818\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/jlls-q4-national-office-market-report-shows-broadening-recovery\/john-sikaitis\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/John-Sikaitis.jpg\" data-orig-size=\"263,235\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"John Sikaitis\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/John-Sikaitis.jpg?w=263\" class=\"size-thumbnail wp-image-1004089818\" alt=\"John Sikaitis\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/John-Sikaitis.jpg\" width=\"150\" height=\"150\" \/><\/a><p id=\"caption-attachment-100408\" class=\"wp-caption-text\">John Sikaitis, of JLL<\/p><\/div>\n<p>Jones Lang LaSalle\u2019s 2013 National Office Market Report revealed that the U.S. national office market absorbed 13 million square feet of space during 2013\u2019s fourth quarter, the highest level recorded since 2007.<\/p>\n<p>\u201cThe chief takeaway of the report as to where we are in the office market in the overall recovery is in the past 36 months we were mired in a recovery that was largely dominated by a handful of geographies. Those were largely tech heavy and energy rich geographies,\u201d John Sikaitis, JLL\u2019s managing director local markets and office research, told <i>Commercial Property Executive<\/i>. \u201cWhat we\u2019ve been seeing over the last couple of months and expect as we head into 2014 is a much more diversified and durable recovery that includes many more geographies and many more industry segments.\u201d<\/p>\n<p>The last three months of 2013 also marked the 15th consecutive quarter with positive net absorption. For the report, JLL examined 44 major downtown and 55 suburban markets and saw occupancy gains in 90 percent of the markets year over year. Additionally, more than 80 percent experienced rent growth in the last 12 months.<\/p>\n<p>\u201cWe believe the pace of the recovery will pick up largely for the fact that more markets are participating in the recovery,\u201d Sikaitis said. \u201cThe overall economic outlook is very strong in the private sector which continues to have record profits, and some profits are being re-invested into the marketplace. By the middle part of 2014, we expect employment levels to surpass the levels of 2007.\u201d<\/p>\n<p>The report also shows vacancy rates during the past 12 months dropped by 40 basis points to 16.6 percent\u2014its lowest rate in five years. According to Sikaitis, the Central Business Districts faired better than their suburban counterparts with a 13.9 percent vacancy rate compared to 18.2 percent in the suburbs, which he attributes to a shift in demographics.<\/p>\n<p>\u201cYou can\u2019t underestimate the Millennial generation and what they are pushing in the market. There\u2019s been a significant amount of activity coming from the suburbs back into the cities,\u201d he said. \u201cA large trend is Millennials wanting a sense of place and more people are extending the time they live in cities by a couple of years.\u201d<\/p>\n<p>Technology-driven markets continued to gain speed with Northern California tech hubs, the Pacific Northwest, Cambridge near Boston and New York\u2019s Midtown South regions recording 7.6 million square feet of net absorption for the year or 1.8 percent of total inventory levels.<\/p>\n<p>Based on his observations, Sikaitis said he believes that some cities that haven\u2019t had much growth lately will see it come in the next year or two. He mentions Chicago, Philadelphia, Atlanta, Los Angeles, Dallas and Miami as those that fall into that category.<\/p>\n<p>\u201cLook at the industry makeup of those markets, they all have a very diversified economic base and tenant base,\u201d he added. \u201cAs recovery picks up, it means more industries and parts of the economy participating.\u201d<\/p>\n<p>As for what\u2019s ahead, Sikaitis said that he foresees forward, brighter economic prospects continuing to push leverage in the landlords\u2019 favor until additional supply hits in mid-2015 into 2016.<\/p>\n<p>\u201cA combination of diminishing new supply and a dwindling number of large- and mid-sized blocks of space will keep mid-sized tenants as the main drivers of activity,\u201d he concluded. \u201cWhen we look at the overall economic fabric, we see more positives than challenges. There is more optimism that we\u2019ve seen in the market in the last seven to eight years.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Jones Lang LaSalle\u2019s 2013 National Office Market Report revealed that the U.S. national office market absorbed 13 million square feet of space during 2013\u2019s fourth quarter, the highest level recorded since 2007.<\/p>\n","protected":false},"author":451,"featured_media":1004089818,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1004089815","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>JLL\u2019s Q4 National Office Market Report Shows Broadening Recovery - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jlls-q4-national-office-market-report-shows-broadening-recovery\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JLL\u2019s Q4 National Office Market Report Shows Broadening Recovery\" \/>\n<meta property=\"og:description\" content=\"Jones Lang LaSalle\u2019s 2013 National Office Market Report revealed that the U.S. national office market absorbed 13 million square feet of space during 2013\u2019s fourth quarter, the highest level recorded since 2007.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jlls-q4-national-office-market-report-shows-broadening-recovery\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-01-15T20:33:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T01:31:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/John-Sikaitis.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"263\" \/>\n\t<meta property=\"og:image:height\" content=\"235\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jlls-q4-national-office-market-report-shows-broadening-recovery\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/jlls-q4-national-office-market-report-shows-broadening-recovery\/\",\"name\":\"JLL\u2019s Q4 National Office Market Report Shows Broadening Recovery - 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