A Slow Road to Recovery in the Suburbs
With available space at an all time record, office space bargains are everywhere. Vacancy is likely to rise slightly over the next few quarters during the recovery.
Rental Rates Hold Steady
Asking rental rates in the suburban market have held nearly even with last quarters’ rates. The second quarter gross average asking rental rate of $20.57 represents a rise of four cents per square foot over the first quarter. With record availability rates and continued layoffs throughout the suburbs, rates are likely to continue to drop.