Rapid recovery and rent increases due to supply shortages in the US office market
JLL Jones Lang Lasalle Inc
$298.32 +0.07%
View chart & analysis → - 1According to a JLL report, the office market recorded 6 million square feet of net absorption in the third quarter of this year, marking five consecutive quarters of positive net absorption.
- 2While a 13% increase in occupied area was observed among lease agreements signed by employers, new office space supplied in the third quarter was 3.5 million square feet.
- 3Walker Dunlop CEO Will Walker said that due to a lack of capital inflows, office construction this year remains at approximately 9% of the normal annual supply level.
So what's the key point?
The number of people looking to rent office space in the US is increasing, but very few new buildings are being constructed. As office space becomes scarce, rental costs may rise.
Source CNBC · View original ↗
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