tracked by C&W saw a quarterly decline in
vacancy averaging 0.23% during the second quarter, dipping to 14.8%.
Sixteen of the 31 CBDs tracked by the
firm saw quarterly vacancy declines during
Q2. That compares to nine of 31 markets,
or 29%, during Q1. The largest quarter-over-quarter decreases occurred in Atlanta,
which fell to 21.5% from 23.2%; Fort
Lauderdale, which dipped to 18.9% from
20.4%; Phoenix, which declined to 22.0%
from 23.4%; Oakland, CA, which ticked
down to 16.5% from 17.7%; and
Manhattan’s Midtown submarket, which
declined to 11.5% from 12.6%.
“Markets throughout the US continue
to strengthen as it becomes apparent
that the national vacancy rate for CBDs
has peaked,” says Maria Sicola, executive
managing director and head of Americas
© 2010 Cassidy Turley.
research at C&W, in a release. “Increased
leasing activity has attributed to declines
in vacancy.”
Taking a broader view, though, still
results in a cloudy forecast for office. “The
Source: Jones Lang LaSalle Q2 2010
Chicago: Office
Change from
Q2 2009
Overall Vacancy 16%
Absorption 255,000 sf
Avg. Asking Rents (Class A) $35.55 psf
Source: CB Richard Ellis Q2 2010
Chicago: Industrial
Change from
Q2 2009
Overall Vacancy
11.6%
Absorption
7. 7 million sf
Avg. Asking Rents $3.96 psf
Under Construction 717,958 sf
Source: Cushman & Wakefield Change from
Q2 2009 Q2 2010 Dallas/Ft. Worth: Office
Overall Vacancy
22.5%
Absorption (201,559 sf)
Avg. Asking Rents $20.52 psf
Under Construction 927,000 sf
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Source: Cushman & Wakefield Change from
Q2 2009 Q2 2010
Dallas/Ft. Worth: Industrial
Overall Vacancy
13.1%
Absorption 305,729 sf
Avg. Asking Rents $3.52 psf
Under Construction 344,000 sf
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CAPITAL MARKETS CORPORATE SERVICES PROJECT & DEVELOPMENT SERVICES
PROJECT LEASING PROPERTY MANAGEMENT TENANT REPRESENTATION
Source: O’Connor & Associates Dallas/Ft. Worth: Retail Change from
Overall Occupancy 86.2%
Under Construction
1. 1 million sf
Dallas/Ft. Worth: Multifamily Source: O’Connor & Associates
Q2 2010
Change from
Q2 2009
Overall Occupancy 89.12%
Absorption
7,023 units
Avg. Asking Rents $0.887 psf
Under Construction
8,436 units