The national office sector is projected to experience a slowed growth in 2012 due to a damper on demand for new space. However, according to the National Real Estate Investor, select office markets that are home to technology firms and energy companies will continue with steady growth in the foreseeable future. The average office vacancy at the end of 2011 will stand at 16.8%, and is only expected to decrease down to 15.7% over the course of 2012. In addition, average rents of all classes of office properties will continue to stagnate.
Due to strong growth in the technology and energy sectors, leasing demands for such properties in cities like San Francisco, Seattle, Houston, Oklahoma City, and Pittsburgh should fall in line with the increasing demands.
To read the full article from the National Real Estate Investor, click here.