Magazine article Mortgage Banking

Office Demand Improves in 3Q

Magazine article Mortgage Banking

Office Demand Improves in 3Q

Article excerpt

The third-quarter US Office Trends Report from Cassidy Turley, Washington, D.C., reported net demand for office space registered at 14.9 million square feet, the largest gain in more than four years.

Average asking rents increased by 4 cents to S21.39. Projects under construction increased from 36.2 million square feet in the second quarter to 38.9 million square feel in the third quarter.

The top five demand markets in the third quarter include New York City (+2.4 million square feet); Houston (+984,000 square feet); Austin, Texas (+930,000 square feet); Long Island, New York, ( + 771,000 square feet); and Dallas (+740,000 square feet).

"Even in the most tenuous economic environment, we can have sectors and local markets that remain healthy and growing," said Cassidy Turley Chief Economist Kevin Thorpe. "Over the last six to nine months, everything that seemingly could have gone wrong in this recovery did go wrong, and still businesses had enough confidence to expand into more office space."

The report noted while leasing was up, investment sales slowed in the summer months. After averaging $5.8 million in closed transactions in both May and June, sales decelerated to $4 billion in July and $3. …

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