Yardi Matrix Report Shows Professional Business Services Pacing U.S. Office Property Industry

July’s 1.1% year-over-year asking rate growth underscores healthy demand
for space

SANTA BARBARA, Calif.,
Aug. 29, 2019 – Professional
business services jobs in the U.S., led by computer design services, grew 1.7%
year-over-year in July 2019, driving a 1.1% year-over-year increase in office
asking rates, according to a new report from Yardi® Matrix.

Asking rates grew
that month in 16 of the top 23 markets surveyed by Yardi Matrix. Late-cycle
construction remains robust, with 174 million square feet of space under
construction, representing inventory growth of 2.8% when delivered.

Capital market
volatility has yet to impact office space demand. “Economic growth has been
running at an annualized rate of about 2.5%, and fundamentals such as
employment and consumer spending remain healthy, so a recession does not appear
to be on the immediate horizon,” the report says.

More information
about U.S. office property demand, lease rates, occupancy trends, transaction
volume and more is available in the national
office report for August 2019.

Yardi Matrix offers the industry’s
most comprehensive market intelligence tool for investment professionals, equity
investors, lenders and property managers who underwrite and manage investments
in commercial real estate. Yardi Matrix covers multifamily, industrial, office
and self storage property types. Email [email protected], call 480-663-1149 or visit yardimatrix.com to learn more.

About Yardi

Yardi^® develops and
supports industry-leading investment and property management software for all
types and sizes of real estate companies. Established in 1984, Yardi is based
in Santa Barbara, Calif., and serves clients worldwide. For more information on
how Yardi is Energized for Tomorrow, visit yardi.com.