U.S. commercial real estate fundamentals improve across all property types
The commercial real estate U.S. market improved strongly across all property types during second quarter 2014, according to the latest analysis from CBRE Group.
“Commercial real estate leasing activity in second quarter 2014 picked up from the weather-affected levels of the prior quarter,” notes Jon Southard, managing director of CBRE’s Econometric Advisors group. “The pace of demand can finally be described as good — without the caveat of ‘for this recovery’.”
The office vacancy rate declined by 30 basis points to reach 14.5 percent in second quarter 2014. This was an improvement for the national office market following a 10 basis point decline in the vacancy rate in first quarter 2014.
The suburbs edged out downtown submarkets with the suburban office vacancy rate declining by 40 basis poi