Commercial Real Estate Tightens Nationwide
The flight to quality commercial real estate space continues as businesses gobble up high-quality office spaces at relatively low rents, according to a national commercial real estate outlook published by Jones Lang LaSalle.
JLL found that, nationwide, the vacancy rate for top quality office space was 5 percent lower than rates for lower-quality space.
The report also found increased demand as corporate real estate executives are looking to accommodate growth, find cost savings, shed surplus and increase utilization.
Seven in 10 markets analyzed by JLL had decreased space options for potential tenants in the second quarter compared to the first quarter of 2010.
The report also found that the national commercial vacancy rate fell from 18.4 percent in the first quarter to 18.1 percent in the second quarter. The lowest rate in the country was in Manhattan, at 6.7 percent, followed by San Francisco at 6.9 percent. Boston's Back Bay area had an 8.4 percent vacancy rate.
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