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Unlock the doors and turn on the lights: The office market is coming back from a long sabbatical.
San Francisco and New York are leading a recovery thanks to strong demand from technology and creative and social media companies.
Houston, riding high on burgeoning office demand from the energy industry, is not far behind in third.
The three lead a list of this year's top U.S. office markets by outlook, in an analysis from commercial real estate brokerage firm Marcus & Millichap.
The forecast is based on a combination of falling vacancy rates, positive net absorption and scant or modest new supply.
Those factors are to varying degrees driving a nationwide turnaround in the office sector, says Hessam Nadji, managing director of research at Marcus & Millichap...
Im actually more excited for Oakland then for SF. lol When the city gets tight that means more projects for the East Bay--and we have quite a few large projects on hold that just might see the light of day now.
But of course, DC should be ahead of Houston because they build more type Office Space right MD????
Just messin.
So Houston Ranked 3rd in both overall construction and Office market? Wonder if construction this year will outpace last year.
No, we aren't really building any office space thank goodness. Everything is all multi-family which is what we need to build for the foreseeable future. We have enough office space. I still don't understand why people get excited about office space construction. It doesn't add anything to an area. People add vibrancy to an area. Many of the Class B and C buildings in D.C. are being converted to housing which is going to catapult D.C.'s downtown into the stratosphere. That is what I alluded to in the other thread by the way. The development in Houston is really in the wrong places. In fact, the people on your own skyscraper page were also complaining about the lack of focus in your downtown which has the most urban form in your whole city. That is the point. Blame your lack of zoning codes for that.
While not sexy Philly just keeps chugging along; always seems below the radar and somehow not as glamorous as other markets yet always does pretty well
No, we aren't really building any office space thank goodness. Everything is all multi-family which is what we need to build for the foreseeable future. We have enough office space. I still don't understand why people get excited about office space construction. It doesn't add anything to an area. People add vibrancy to an area.
So I guess tax revenue is nothing...
And people DO work in the new office space. It's not an either/or proposition as far as office space and residential goes. It's both/and. All those people working in all this new office space have to live somewhere and it's good when they can live in close proximity to their workplace.
And people DO work in the new office space. It's not an either/or proposition as far as office space and residential goes. It's both/and. All those people working in all this new office space have to live somewhere and it's good when they can live in close proximity to their workplace.
It actually has to do with the change in efficiency of office space for government leases. Government leases are larger than they need to be and that is changing now. They are using less space with the same amount of workers. This compiled with the new office buildings being built across the DC core has lead to a chance to finally make D.C.'s core a true mixed use area. Office, residential, retail all mixed in. It's truly remarkable how the failures of the past in DC's downtown are the driving force behind a downtown that is shaping up to be a very vibrant place where offices used to dominate by themselves. Conversion's and redevelopment is booming in downtown where office ghetto's used to rule. The shear size of downtown D.C. in the future comprising of all mixed use will truly be a sight to see.
It actually has to do with the change in efficiency of office space for government leases. Government leases are larger than they need to be and that is changing now. They are using less space with the same amount of workers. This compiled with the new office buildings being built across the DC core has lead to a chance to finally make D.C.'s core a true mixed use area. Office, residential, retail all mixed in. It's truly remarkable how the failures of the past in DC's downtown are the driving force behind a downtown that is shaping up to be a very vibrant place where offices used to dominate by themselves. Conversion's and redevelopment is booming in downtown where office ghetto's used to rule. The shear size of downtown D.C. in the future comprising of all mixed use will truly be a sight to see.
I wasn't specifically talking about DC, since it's so unique in this regard. I was speaking in general.
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