Avison Young releases global office market report
Avison Young has released its second quarter global office market report.
During the first half of the year, the U.S. office market continued to experience an ongoing flight to quality, asset repositioning and adaptive reuse of obsolete office buildings, reported Avison Young. The ever-increasing co-working space model is forcing other landlords to offer flexible workspaces, lease terms and plug-and-play tenant fit-outs. Amenities have taken center stage, becoming critical to attracting and retaining occupancy.
Still, the report noted, it seems clear transit-oriented developments rich in amenities or new, first-class spaces will win the leasing race. Among the issues facing major office markets are rising real estate taxes, which add to already high rental rates, and technology that is fueling more changes in space size and utilization.
To read the full report, click here.