{"id":1004106889,"date":"2014-11-05T10:04:01","date_gmt":"2014-11-05T18:04:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004106889"},"modified":"2022-12-06T21:28:12","modified_gmt":"2022-12-07T05:28:12","slug":"cw-national-office-outlook-on-the-rise","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cw-national-office-outlook-on-the-rise\/","title":{"rendered":"C&W: National Office Outlook on the Rise"},"content":{"rendered":"
\"???\"<\/a>

Maria Sicola, Cushman & Wakefield<\/p><\/div>\n

Cushman & Wakefield\u2019s third-quarter U.S. CBD Suburban Office Market report shows the commercial office market is as strong as it has been in years and predicts the upward trend to continue in the immediate future.<\/p>\n

\u201cThe chief takeaway is we\u2019ve seen extremely strong leasing activity and also positive absorption through the first three quarters of the year,\u201d Maria Sicola, Cushman & Wakefield\u2019s head of research for the Americas, told Commercial Property Executive<\/i>. \u201cWhat we saw in the second quarter actually accelerated in the third quarter, and that combined with the strengthening economy tells us leasing fundamentals are not only stabilizing, but we expect the momentum to continue into next year.\u201d<\/p>\n

The report shows that the office market is on pace for its lowest vacancy rates and highest occupancy gains in more than five years, due in part to the strong job growth coupled with positive business sentiment. The national CBD office vacancy rate fell to 12.6 percent at the end of the third quarter, the lowest level since the first quarter of 2009.<\/p>\n

\u201cWe\u2019re beginning to see strong employment growth. We lost 8 million jobs during the recession and all those jobs have been recovered. We have some markets now in recovery mode or beyond recovery mode in terms of jobs,\u201d Sicola added. \u201cThere\u2019s strong demand, strong employment growth, strong business confidence and on the supply side, there hasn\u2019t been a lot of new construction or excess sublease space on the market.\u201d<\/p>\n

Those factors also contribute to the robust leasing and rising rental rates. In fact, office absorption is on track to reach its highest level since 2007, with 31.9 million square feet in occupancy gains year to date, compared to 14.9 million square feet last year at this time.<\/p>\n

\u201cThe rental growth we have seen has been strong in the technology and energy markets and we are starting to see rental growth in other markets as well,\u201d Sicola said. \u201cIt continues to be in the core markets\u2014Houston, San Francisco, Boston, the Silicon Valley, New York, Denver\u2014and we\u2019re also starting to see it in other markets like Atlanta and even Chicago.\u201d<\/p>\n

By year-end, office new construction is expected to total 10.4 million square feet, roughly half last year\u2019s total. The report shows the most significant amount of space under construction is in Houston, Silicon Valley, downtown New York, San Francisco, midtown New York and Boston.<\/p>\n

\u201cIn terms of availability of space, while we are expecting to see a concern to stronger construction activity, we\u2019re already witnessing lack of availability for large blocks of space in some markets,\u201d she added. \u201cIf you are a tenant and are looking to consolidate, and need a few thousand square feet and over, we are already beginning to see a lack of it in some markets.\u201d<\/p>\n

According to Sicola, Corporate America is actively expanding and working to position itself for the millennial workforce, which by 2020 is expected to make up more than half of the labor pool.<\/p>\n

\u201cFor 2015, we expect to see a continued and accelerated recovery in the leasing markets,\u201d Sicola concluded. \u201cWe expect rents to rise across the country in a number of markets, it will shift from a tenant-oriented market to a landlord-oriented market.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The commercial office market is as strong as it has been in years and an upward trend is predicted to continue in the immediate future, according to Cushman & Wakefield\u2019s third-quarter U.S. CBD Suburban Office Market report.<\/p>\n","protected":false},"author":952,"featured_media":1004106892,"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-1004106889","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"\nC&W: National Office Outlook on the Rise - 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\/cw-national-office-outlook-on-the-rise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"C&W: National Office Outlook on the Rise\" \/>\n<meta property=\"og:description\" content=\"The commercial office market is as strong as it has been in years and an upward trend is predicted to continue in the immediate future, according to Cushman & Wakefield\u2019s third-quarter U.S. CBD Suburban Office Market report.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cw-national-office-outlook-on-the-rise\/\" \/>\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=\"2014-11-05T18:04:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T05:28:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/SICOLA.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"336\" \/>\n\t<meta property=\"og:image:height\" content=\"337\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anna Spiewak\" \/>\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\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cw-national-office-outlook-on-the-rise\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cw-national-office-outlook-on-the-rise\\\/\"},\"author\":{\"name\":\"Anna Spiewak\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1bbb99675c2609ea2e6792f8b25d7b76\"},\"headline\":\"C&W: National Office Outlook on the Rise\",\"datePublished\":\"2014-11-05T18:04:01+00:00\",\"dateModified\":\"2022-12-07T05:28:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cw-national-office-outlook-on-the-rise\\\/\"},\"wordCount\":558,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cw-national-office-outlook-on-the-rise\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/11\\\/SICOLA.jpg\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cw-national-office-outlook-on-the-rise\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cw-national-office-outlook-on-the-rise\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cw-national-office-outlook-on-the-rise\\\/\",\"name\":\"C&W: National Office Outlook on the Rise - 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