{"id":22783,"date":"2019-08-13T09:33:58","date_gmt":"2019-08-13T16:33:58","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=22783"},"modified":"2026-02-22T15:28:02","modified_gmt":"2026-02-22T23:28:02","slug":"brisk-office-sector","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/brisk-office-sector\/","title":{"rendered":"Brisk Office Sector"},"content":{"rendered":"

Demand for office space remains strong and the supply pipeline shows continuing strength, according to a national office report from Yardi Matrix<\/a>.<\/p>\n

Average asking rates increased 1.7% over the six-month period ending in June 2019, matching office-using employment sectors\u2019 year-over-year growth rate that month. The national vacancy rate was 13.5%, 20 basis points below the previous month.\"\"<\/p>\n

\u201cDemand is robust for higher-quality spaces with more amenities and heftier price tags,\u201d the report says.<\/p>\n

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 \u201cthis level of new supply is modest compared to annual pre-recession completions.\u201d<\/p>\n

Half of all space under construction is in six top gateway markets\u2014Manhattan, N.Y., San Francisco, Washington, D.C., Boston, Los Angeles and Chicago\u2014plus growing tech markets Seattle, the Bay Area and Austin, Texas.<\/p>\n

Office sales totaled $38.8 billion through June and \u201cthe decline of the 10-year Treasury yield \u2026 should continue to act as a catalyst for transactions,\u201d the report says.<\/p>\n

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.<\/p>\n

There\u2019s lots more about U.S. office property demand, deliveries, lease rates, construction and sales in the national office report<\/a> for July 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"

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\u2019 year-over-year growth rate that month. The national vacancy rate was 13.5%, 20 basis points below the […]<\/p>\n","protected":false},"author":610,"featured_media":8862,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2791,4],"tags":[2671,1169],"class_list":["post-22783","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-matrix","category-news","tag-office-market-update","tag-yardi-matrix"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"Demand for office space remains strong and the supply pipeline shows continuing strength, according to a national office report from Yardi Matrix. 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