Corporate efficiencies, densification and caution in a post-recession era are some of the reasons why leasing in the office sector here has remained flat, Royce Sharf, EVP of Savills Studley, tells GlobeSt.com exclusively. The firm’s third-quarter research reveals that hiring activity and leasing both showed little sign of accelerating during the quarter, and availability actually edged a bit higher. “It remains to be seen whether expectations of renewed growth in 2015 will come to fruition,” the firm reports.
In fact, the availability rate rose for the first time since early 2010, increasing by 0.1 percentage point to 15.2% during the quarter, according to the firm. The class-A rate fell by 0.3 percentage points, though, decreasing to 19.4%. a 1.9 percentage-point decline in Central County offset a quarter-on-quarter increase of 0.3 percentage points to 17% in South County...Why is OC Office Still Flat?
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National Office Sector Report (Q3 2014)