One aspect of America's growing economy that’s a negative is the lack of available office space for expanding and startup businesses
One aspect of America’s growing economy that’s a negative is the lack of available office space for expanding and startup businesses.
A new report from Dallas-based real estate advisors BBG says the national vacancy rate fell to 12.9%, down 10 basis points, in the third quarter of 2017 with downtown vacancies at 10.6%. Suburban office vacancies saw the largest drop though, down 20 basis points to 14.1%.
"The office leasing market remains one of the most vibrant areas in the commercial real estate market, with tenant leasing volume rising to one of its highest levels in the past two years,” said BBG CEO Chris Roach.
BBG itself has sought and found additional office space for its expanding business in 12 cities but the rise in employment and burgeoning tech sector are adding pressure to already tight inventories.
Businesses seeking additional space are likely be most challenged in mid-sized cities including Las Vegas, Memphis, Detroit and Orlando.
“While the pace of activity may slow due to more supply of office space being made available, we do not anticipate a reversal in the current trend in the foreseeable future," added Roach.
A new report from Dallas-based real estate advisors BBG says the national vacancy rate fell to 12.9%, down 10 basis points, in the third quarter of 2017 with downtown vacancies at 10.6%. Suburban office vacancies saw the largest drop though, down 20 basis points to 14.1%.
"The office leasing market remains one of the most vibrant areas in the commercial real estate market, with tenant leasing volume rising to one of its highest levels in the past two years,” said BBG CEO Chris Roach.
BBG itself has sought and found additional office space for its expanding business in 12 cities but the rise in employment and burgeoning tech sector are adding pressure to already tight inventories.
Businesses seeking additional space are likely be most challenged in mid-sized cities including Las Vegas, Memphis, Detroit and Orlando.
“While the pace of activity may slow due to more supply of office space being made available, we do not anticipate a reversal in the current trend in the foreseeable future," added Roach.
