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Offices.net, a leading US based office space provider, published their report today on the US Office rental market for 2017.
“Market analysts agree that the USA office market is expected to witness incremental growth during 2017,” said Offices.net spokesperson Teresha Aird, ”with growth being underpinned by increased consumer confidence, currently at a 13-year high, and the stronger value of the US dollar.”
Demand for large office units is expected to increase over the course of the year, and this will be complemented by the strong performance of the construction sector given that, over the next 12 months, more than 110 million square feet of office space is to be released into the US market.
“During 2016,” continued Teresha Aird “the US office market was marked by a climate of cautious optimism and moderate growth across the board. This was mostly evident in office rental rates, which increased by a modest 0.1 per cent or even declined in cities like http://www.offices.net/il/chicago/ Chicago, New York, Washington and San Francisco.
Mid-sized markets were among the best performers during 2016. Portland, Nashville, Salt Lake City, and San Antonio were characterized by occupancy increases that averaged 3 per cent. In San Francisco, market indicators were also positive despite the fact that occupancy growth levels dropped from 2.9 to 1.1 per cent. Other regional office markets that did well included Austin, Silicon Valley, and http://www.offices.net/wa/seattle/ Seattle. In these markets, occupancy growth averaged 2 per cent.
“Lastly, it is worth mentioning the impact that the new tech sector is expected to have on the US office market during 2017 “, concluded Teresha Aird, “in many of the nation’s gateway markets, new tech tenants are expected to overtake those in the financial and legal sectors in terms of absorption and take-up rates”.
Click here to read the full report.
About Offices.net Offices.net provides a free office-finding service in cities across America. The executive suites and temporary office space featured on Offices.net allow companies of all sizes to do business in prime locations without being locked in to long term contracts and expensive monthly overhead costs.
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