Savills Studley Releases 2015 Q1 National Report
Availability Nudges Up, Asking Rents Continue to Increase
New York, NY (April 21, 2015)
The leading global commercial real estate services firm specializing in tenant representation, Savills Studley, today released its National and Regional editions of the Savills Studley 2015 Q1 Report.
The quarterly report is an informative, in-depth compilation of office leasing statistics, major transactions, and submarket comparisons that identifies the latest office leasing, employment, investment and development trends.
Highlights from the 2015 Q1 Savills Studley National Report include:
- With leasing slowing in many of the largest markets, and new construction on the rise, the national overall availability rate rose from 16.9% to 17.0%.
- The national Class B and C availability rate was unchanged, staying at 15.8% but the Class A rate rose by 0.2 pp to 18.1%
- The national overall rental rate rose for the 14th consecutive quarter, ticking up by 0.9% from the prior quarter.
- The national average Class A rent jumped by 1.6% to $36.54.
"The unbridled pursuit of talent by rapidly expanding tech and media firms captured most of the headlines in 2013 and 2014. Of late though, more businesses are chasing the American consumer – adding employees and office space in lower-cost markets that have a strong demographic upside," said Keith DeCoster, Senior Manager of Savills Studley Research.
Savills Studley’s 2015 Q1 National Report, in addition to reports on the major U.S. markets, can be downloaded here. Hard copies are also available upon request.
About Savills Studley
Savills Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, the firm pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, supported by high quality market research and in-depth analysis, Savills Studley provides strategic real estate solutions to organizations across all industries. The firm’s comprehensive commercial real estate platform includes brokerage, project management, capital markets, consulting and corporate services. With 29 offices in the U.S. and Canada, and a heritage of innovation, Savills Studley is well known for tenacious client advocacy and exceptional service.
The firm is part of London-headquartered Savills plc, the premier global real estate service provider with over 30,000 professionals and over 700 locations around the world. Savills plc is listed on the London Stock Exchange (SVS.L).
For more information, please visit www.savills-studley.com and follow us on Twitter @SavillsStudley and LinkedIn.