<![CDATA[At the moment, the area holds about 590,000 Sq. Sf. of available space or about 41% of the total 834,000 square feet. The typical time on market for these leases is a bit over 18 months. The prices range from $ 9.00 up to as high as nearly $ 26.00 depending, of course on area, the building and other factors. Going back to 2007 when there was 19% vacancy which pretty well stayed there through the end of 2008. 2009 showed a marked rise in vacancies up to about 35% for available space this rate held well to most of 2010 until the late 2010 and the first two quarters of 2011 which are now about 41% vacancies. Looking at it from another point, in the last of 2007 there were 21 listings accounting for about 140,000 sq. ft. vacancies. In late 2008 the numbers had risen to 30 listings for about 195,000 sq. ft. by the end of 2009 there were 82 listings for over 250,000 sq ft., 2009 with 82 listings for 270,000 and to this time at the end of the 2nd quarter of 2011 there are 103 listings representing about 275,000 sq ft. In the time from late 2007 to today, leasing prices over all have dropped from $19.25 for offices down to today’s average leasing of $14.50 or a decrease of close to 25%. As about where we are going to be in a year or five years is difficult to determine. To some it looks like things might be turning around, others look at long trends and believe we are going to be in this situation for at least five years or more. To me, it looks like the down trends seem to be slowing and I look for a turnaround and a slow recover in early 2012.]]>
July 11, 2011July 11, 2011
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