Office rents in the Americas region have posted their first positive three months of growth, both on an annual and quarterly basis, since the third quarter of 2010, according to data published by CB Richard Ellis (CBRE). The organisation revealed that the area saw office rents rise by 1.5 per cent year-on-year during the period between April and June, while a 1.4 per cent increase was recorded compared to the first quarter of 2011.
CBRE noted that certain central business districts around the world experienced rising rates for commercial space due to a lack of supply on the market, while vacancy levels fell at the same time. Washington D.C, San Francisco, Chicago, Dallas and New York were the US locations that made gains in this respect.
Last month, the National Association of Realtors (NAR) stated that poor economic growth in the US would weigh on commercial property markets as vacancy rates are expected to remain flat. Lawrence Yun, NAR chief economist, commented that disappointing jobs creation data and growth figures will mean the sector experiences "a slower recovery" than had been hoped.
- Thursday 08 September 2011