News
New York Leads US in Net Absorption, DC Falters
October 27, 2014
Cassidy Turley's 3Q report revealed some striking figures regarding national absorption rates. New York had 2.8m sf net absorption, followed by Dallas (1.8m sf) and San Jose-Silicon Valley (1 msf). Meanwhile, DC and suburban Maryland had negative absorption, with 256k sf and 300k sf of space coming onto the market. They were the two worst performing markets in the country in terms of net absorption.
In better news for DC, average office asking rents spiked 2.6%, to $50 psf, trailing only NYC ($68) and SF ($59), the latter of which saw the biggest rent increase--15.5%--in the nation.
Miami has good reason to gloat: at 6.1% its office vacancy rate was the lowest of all markets in the report.
