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Demand for office space remains strong and the supply pipeline shows continuing strength, according to a national office report from Yardi Matrix.
Average asking rates increased 1.7% over the six-month period ending in June 2019, matching office-using employment sectors’ year-over-year growth rate that month. The national vacancy rate was 13.5%, 20 basis points below the previous month.
“Demand is robust for higher-quality spaces with more amenities and heftier price tags,” the report says.
The report documents 26.5 million square feet of office space delivered in the first half of the year and 174.7 million square feet under construction. Between 60 million and 70 million square feet will likely be delivered over the next two to three years. Putting what appears to be a massive pipeline in perspective, the report observes that “this level of new supply is modest compared to annual pre-recession completions.”
Half of all space under construction is in six top gateway markets—Manhattan, N.Y., San Francisco, Washington, D.C., Boston, Los Angeles and Chicago—plus growing tech markets Seattle, the Bay Area and Austin, Texas.
Office sales totaled $38.8 billion through June and “the decline of the 10-year Treasury yield … should continue to act as a catalyst for transactions,” the report says.
Orlando, Fla., led all major metros in office-using employment growth as of May, with the bulk of its 5.5% year-over-year increase concentrated in professional and business services.
There’s lots more about U.S. office property demand, deliveries, lease rates, construction and sales in the national office report for July 2019.
