Savills Studley Releases 2015 Q2 National Report
National availability rate inches lower as asking rents push higher.
New York, NY (July 27, 2015)
Savills Studley, the leading global commercial real estate services firm specializing in tenant representation, today released its National and Regional editions of the Savills Studley 2015 Q2 Report.
The quarterly report is an informative, in-depth compilation of office leasing statistics, major transactions and submarket comparisons identifying the latest office leasing, employment, investment and development trends.
Highlights from the 2015 Q2 Savills Studley National Report include:
- Availability inches lower. Following three consecutive quarters locked in at 16.2 percent, the national overall availability rate ticked down to 16.1 percent.
- Asking rents push higher. The national overall rental rate rose for the 15th consecutive quarter. The national average Class A rent increased by 1.8 percent to $34.93.
- Traditional sectors resisting rental rate growth. In markets such as Manhattan, Boston, Los Angeles and Chicago, which still largely rely on traditional space users, rents have remained flat. As these users move or relocate they continue to shed space.
- New product clears way for space consolidation. New construction is starting to heat up in the Chicago, Atlanta and Denver markets. New inventory will provide relief in 2016 and 2017 to tenants struggling to find big blocks of quality space.
"Availability has barely budged so far in 2015 as new construction expands in more markets and leasing slows. Deal volume in the first half of 2015 has fallen by more than 10 percent compared to the first half of 2014 in most major markets, with very sharp decreases in Boston, Manhattan, Atlanta and Dallas,” said Keith DeCoster, Director of U.S. Real Estate Analytics.
Savills Studley’s 2015 Q2 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 28 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.