September 2021 lease rate and vacancy stats for top U.S. industrial markets & insights on industry and economic recovery fundamentals.
Average office asking rents in Tampa saw a higher year-over-year increase than Los Angeles office space, in August.
As global trade routes reopen, West Coast port markets are seeing significant increases in activity. Naturally, this translates to high occupancy and vacancy rates of below 2%, as well as lease spreads of nearly $2 per square foot.
Markets with an abundance of top tier office stock, where concessions are more negotiable than the asking prices, have partly supported the steady Y-o-Y growth of full-service equivalent listing rates throughout the pandemic.
Development continues at accelerated pace, working to keep up with growing demand across the country, with some markets tightening to vacancy rates of 3% and even 2%.
Rents have increased steadily throughout the pandemic-stressed economy. The upward trend is likely to continue, as transactions focus on high-quality, high-value assets.
Despite rising vacancy, average office lease rates across the top 50 markets in the U.S. continue to follow an ascending trend.
As U.S. industrial lease rates climbed 4.4% YoY, vacancy held steady in March 2021, and sales activity exceeded $8 billion in first quarter transactions.
Both lease rates and office vacancy saw modest Y-o-Y increases in March 2021, but investors did not shy away from spending record amounts in top office markets.