NATIONAL OFFICE MARKET
| Total Inventory (SF) |
3,458,759,978 |
|
| Vacancy Rate (%) |
Total |
17.0% |
| |
Direct |
15.6% |
| |
Sublet |
1.4% |
| Average Asking |
Total |
$27.63 |
| Rental Rate (Price/SF) |
Direct |
$28.13 |
| |
Sublet |
$23.94 |
| Net Absorption (SF) |
2Q10 |
-266,579 |
| |
1Q10 |
-4,199,032 |
| |
4Q09 |
-1,979,920 |
| Under Construction (SF) |
|
15,750,563 |
The national overall asking rent at the end of the quarter was $27.63/sf, up from $27.52/sf in the first quarter and down from $28.69/sf one year ago. The market with the greatest increase in rent was San Francisco, where the average jumped to $29.11/sf from $27.87/sf in the first quarter- a 4.4% increase.
According to the U.S. Bureau of Labor Statistics, total nonfarm employment in the U.S. decreased 0.4% for the 12 months ending in May 2010. The region with the greatest amount of jobs lost over that period was the West region, where employment decreased 0.8%, indicating a loss of 265,164 jobs. Employment increased by 433,000 jobs in the month of May alone in the U.S., although 411,000 of those hires were temporary Census 2010 workers.
NATIONAL INDUSTRIAL market
| Total Inventory (SF) |
5,161,452,847 |
|
| Vacancy Rate (%) |
Total |
13.4% |
| |
Direct |
12.7% |
| |
Sublet |
0.7% |
| Average Asking |
Total |
$5.15 |
| Rental Rate (Price/SF) |
Direct |
$5.18 |
| |
Sublet |
$4.55 |
| Net Absorption (SF) |
2Q10 |
1,258,409 |
| |
1Q10 |
-18,702,018 |
| |
4Q09 |
-18,395,387 |
| Under Construction (SF) |
|
4,002,732 |
According to the U.S. Bureau of Labor Statistics, total nonfarm employment in the U.S. decreased 0.4% for the 12 months ending in May 2010. The region with the greatest amount of jobs lost over that period was the West region, where employment decreased 0.8%, indicating a loss of 265,164 jobs. Employment increased by 433,000 jobs in the month of May alone in the U.S., although 411,000 of those hires were temporary Census 2010 workers.