Understanding the Numbers – Q1 2014 Office Market Report
Market indicators show a weakened tenant demand in Q1 but the truth is in the details. Several large tenants have played musical chairs throughout the country and it has painted an unclear picture. Although tenant activity has stalled, landlord confidence has continued to gain momentum and rents continue to rise and while concessions dip.
First-quarter rents countywide are up 6.1% since lease rates bottomed in 2012. Lease rates are likely to continue increasing as landlords push rents to rejuvenate internal growth. The weighted average of asking full-service rents for available space remains 23% off its peak in 2007.
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