Savills Effective Rent Indexes

Using completed transactions as its source, the SERI report offers “real world” numbers that reflect negotiated terms, including lease concessions and operating-expense information. This study focuses on the true cost of occupancy based on actual taking rents rather than on average asking rents.

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Research search results: 20 found

 
Atlanta 2017 SERI Report

Atlanta 2017 SERI Report

May 02, 2017

Office-using employment in the Atlanta region posted a solid 3.1% increase during 2016. Class A deal volume in the Urban Core – Downtown, Midtown and Buckhead – totaled 1.8 msf in 2016, compared to 1.2 msf in 2015. Tenants seeking larger blocks of space in Buckhead have a very limited set of options. Landlords in Midtown have also become increasingly bullish as the burgeoning local tech sector expands.

 
 
 
Chicago 2017 SERI Report

Chicago 2017 SERI Report

May 02, 2017

Office-using employment rose by only 1.2% in the region in 2016. The subpar hiring has been offset by continued relocations by suburban companies Downtown. Deal volume exceeded 10.0 msf for the second straight year. Even so, the delivery of several newly constructed buildings has opened up some space options and contributed to a 200 basis point jump in Downtown’s Class A availability rate during 2016.

 
 
 
Dallas 2017 SERI Report

Dallas 2017 SERI Report

May 02, 2017

Office-using employment rose by 4.9% during 2016, but Downtown once again captured only a fraction of the hiring and leasing activity. Leasing activity has gained some momentum Downtown, however, tenants based locally, as well as those relocating from other markets, continued to focus their attention on either Uptown or Far North Dallas. Landlords in most Class A buildings Downtown are capturing sub-inflationary effective rent growth, and several are still undergoing extensive renovations.

 
 
 
Denver 2017 SERI Report

Denver 2017 SERI Report

May 02, 2017

Office-using employment growth was anemic in the Denver region during 2016 as the number of corporate relocations fell and the energy sector continued to contract. The pullback among oil and gas companies was a direct contributor to a 20.0% spike in sublet space. Conditions remain tight in the LoDo and emerging Cherry Creek/Platte River micro-markets. In contrast, landlords lack leverage in the core Uptown submarkets, spurring moderate declines in rent.

 
 
 
Downtown Los Angeles 2017 SERI Report

Downtown Los Angeles 2017 SERI Report

May 02, 2017

Demand for Class A office space in Downtown Los Angeles was tempered during 2016, dropping off from a record year in 2015. Leasing for corporate office space remained dependent on activity among banks, law firms and government agencies – these sectors continue to shed space as they relocate or renew. Most of Downtown’s corporate office buildings consequently achieved rental rate growth that barely kept pace with inflation.

 
 
 
Fort Lauderdale 2017 SERI Report

Fort Lauderdale 2017 SERI Report

May 02, 2017

Tenants continued to have very limited space options in Downtown Fort Lauderdale. Competition for space in the highest-caliber buildings on Las Olas Boulevard remained brisk. New construction activity was negligible, offering little relief to the space squeeze. In turn, landlords pushed base rents higher.

 
 
 
Houston 2017 SERI Report

Houston 2017 SERI Report

May 02, 2017

Deal volume in the region plummeted to 8.8 msf in 2016, well below the long-term average of 12.2 msf. Weak leasing, coupled with a spike in sublet supply, forced landlords to make marketwide adjustments to rent. West Houston and the Energy Corridor posted the sharpest declines, but rents pulled back Downtown as well.

 
 
 
Manhattan (Downtown) 2017 SERI Report

Manhattan (Downtown) 2017 SERI Report

May 02, 2017

During 2016, Class A leasing volume Downtown dropped to 3.2 msf. Tenants took their time reaching space-use decisions. Despite sporadic leasing, rent increased slightly as a significant portion of the Class A space remaining for lease in Lower Manahattan was concentrated in new properties with asking rents in excess of $60.00/sf.

 
 
 
Manhattan (Midtown) 2017 SERI Report

Manhattan (Midtown) 2017 SERI Report

May 02, 2017

Despite subpar leasing activity in Midtown Manhattan, total rent pushed nearly back to peak levels. A high number of leases completed in trophy buildings, including a flurry of leases in Hudson Yards, boosted rent averages. Rent was showing some signs of sliding lower late in the year, though, as availability in the Plaza District and Grand Central increased significantly. Additionally, record concessions offset the increase in base rent, keeping landlord effective rent flat.

 
 
 
Miami 2017 SERI Report

Miami 2017 SERI Report

May 02, 2017

South Florida’s recovery maintained momentum in 2016. Office-using employment rose by 3.0% in Miami-Dade County, compared to a 1.8% increase in 2015. Class A deal volume totaled 1.2 msf, the second straight year with activity in excess of 1.0 msf. Sustained activity, coupled with negligible new construction, contributed to incremental rental rate growth over the course of the year.

 
 
 

Key contacts

Keith DeCoster

Director, Research Operations

+1 212 326 1023

+1 212 326 1023