Office Update

04 / 24 / 19

1 min read

by Joel Nelson

What’s new in the U.S. office market? Lots, according to a new report from Yardi Matrix.

In summarizing the sector’s performance in the first quarter of 2019, the report notes that:

Robust supply absorption produced a 1% increase in asking rents.
Nearly 9 million square feet of office space came online through February, 7.9 million square feet of which was Class A.
The national vacancy rate remained at 13.7%.
San Francisco and parts of New York City led the asking rent increases, with changes in most metros being fairly minor.
Only $13.3 billion dollars’ worth of deals were closed in the quarter, the lowest quarterly total since 2013. Seasonality, a carryover from fourth quarter capital market volatility and the federal government shutdown all contributed to the sales slowdown.
About 174.3 million square feet of office space was under construction as of March, with Manhattan, N.Y., and San Francisco having the most with 23 million square feet and 11 million square feet, respectively.

There’s much more insight in the full Yardi Matrix national office report.

AUTHOR

Joel Nelson, senior marketing writer, joined Yardi in 2007. His byline has appeared in New York Real Estate Journal, Canadian Property Management and Los Angeles Lawyer, among others. He has won multiple awards from major professional organizations including the International Association of Business Communicators and Public Communicators of Los Angeles. Joel earned a bachelor’s degree from Pomona College.

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