Real Estate Forum - July/August 2010

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

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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