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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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.

 
 
 
Northern New Jersey 2017 SERI Report

Northern New Jersey 2017 SERI Report

May 02, 2017

The Hudson Waterfront registered steady activity during 2016 with a sustained flow of leases. Relocations among suburban firms, plus a few deals by Manhattan firms, headlined the activity. Newark in contrast, has not maintained momentum. Owners in Jersey City and Hoboken boosted rent a bit; however, effective rent remained a bargain compared to Manhattan.

 
 
 
Northern Virginia 2017 SERI Report

Northern Virginia 2017 SERI Report

May 02, 2017

Tenants remained cautious during 2016. With ample space options and an availability rate exceeding 25.0%, companies had little reason to rush their leasing decisions. Deal volume totaled 7.8 msf during 2016, falling well short of the long-term annual average of 10.1 msf. Effective rent still increased as most leases involved a flight to quality.

 
 
 
Orange County 2017 SERI Report

Orange County 2017 SERI Report

May 02, 2017

Orange County registered another year of steady demand from a diverse set of industries. Mortgage lenders, software and gaming firms, as well as general professional/business services firms were aggressive. The shortage of big blocks of space has kept demand very competitive. Companies have so far been willing to pay record rent at the Irvine Spectrum Center and Fashion Island and creative office space conversions have also been seeing steady activity.

 
 
 
Philadelphia 2017 SERI Report

Philadelphia 2017 SERI Report

May 02, 2017

Steady demand among a diverse set of firms, coupled with controlled new construction kept availability well under 15.0%. Pre-leasing at Navy Yard continued to gain momentum. Class A leasing volume in Center City totaled 1.9 msf in 2016, down slightly from 2.3 msf in 2015. Even so, conditions tightened and landlords pushed base rents higher.

 
 
 
San Diego 2017 SERI Report

San Diego 2017 SERI Report

May 02, 2017

Leasing volume in Downtown San Diego was sustained, totaling 1.2 msf. Demand was driven largely by a handful of larger leases, but activity among smaller and mid-sized firms improved as well. In turn, effective rent made its first material increase in several years.

 
 
 
San Francisco 2017 SERI Report

San Francisco 2017 SERI Report

May 02, 2017

The sharp pullback in the IPO market and frequent down-rounds (devaluations) of many tech firms clearly impacted leasing activity and hiring during the first half of 2016. Many companies had to roll back expansion plans, a few cut payroll and shed excess space. Nevertheless, rent rose as a handful of deals in the very highest-caliber properties boosted averages.In order to achieve these higher rents landlords significanlty increased tenant concessions.

 
 
 
Silicon Valley 2017 SERI Report

Silicon Valley 2017 SERI Report

May 02, 2017

Demand for space finally found some limits during 2016, particularly in the second half of the year. Downtown San Jose captured a few notable leases, but leasing activity was not as brisk as in Mountain View, Sunnyvale and Menlo Park. Some of the new buildings already underway, as well as proposed properties ended 2016 with quite a bit of space remaining for lease. Even so, effective rent rose as landlords remained confident.

 
 
 
Tampa Bay 2017 SERI Report

Tampa Bay 2017 SERI Report

May 02, 2017

Tampa Bay continued to see corporate relocations in 2016, which spurred strong hiring and leasing during 2016. Combined Class A deal volume in the Tampa CBD and Westshore rose to 1.1 msf. Although there is a lot of excitement regarding new office projects, particularly in the Tampa CBD, most of the properties are more than a year away from delivery. In turn, quality space options remained tight and landlords pushed rent higher.

 
 
 

Key contacts

Keith DeCoster

Director, Research Operations

+1 212 326 1023

+1 212 326 1023