Applied Analysis have reported the vacancy rate for high-end Las Vegas office space rose sharply to a 25% high in the last quarter, forcing many landlords to dramatically cut rents.
It also reported the record-high vacancy rate for all Las Vegas office space increased again to 22.7% in the third quarter, up from 22% in the second quarter. The team said they believed the office space vacancy rate would increase to around 24% in 2010, with office development ceasing by the middle of the year due to the poor state of the property market. (more…)
The US economy officially expanded in at an annual pace between July and September – it’s first expansion in over a year.
It grew at an annual pace of 3.5% and the good news has prompted many to announce an end to the recession. Compared with the previous three months, the US economy grew by 0.9%. But many critics are claiming schemes such as the car scrappage scheme and the government spending plan are substantially to blame for the growth. Whilst President Obama welcomed the news, he said America were still a “long way” from recovering from the economic downturn. (more…)
When Macy’s sacked 850 workers in St Louis last year, many people feared they might completely close the department store in the Railway Exchange building.
But in surprising news this week Macy’s announced it would sell the building to developers who plan to re-develop the building in an ambitious $111.7 million scheme. The sale would see Macy’s downsize from 7 floors of retail space to just 3, whilst keeping 2 floors for 80 office staff. Under plans revealed yesterday, developers would convert the remaining floors of the 21-storey building into 890,000 square feet of office space. (more…)
In encouraging signs that the US property market might be about to pick up, foreign investors have been scouring the country over the last few months for office space at discounted prices.
Despite companies from many countries looking into American office space, it’s only German businesses who’ve actually been committing themselves to major deals. This echoes exactly what happened over 25 years ago when the US property market started to repair itself after it’s collapse. Over $2 billion have been spent on US office space by foreign companies this year, with half of that coming from German firms alone. (more…)
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C has committed itself to New York until 2022 by re-leasing it’s 85,000 square feet of office space in the Chrysler Center in 
Manhattan.
The law firm hopes the lease will go a long way towards strengthening their position within the market. The building has been home to the firm since it opened in New York in 2000 with just six attorneys and 34,000 square feet of office space. (more…)
A few years ago, central city office space was very costly and, more often than not, too expensive for small businesses to afford.
The business slump has changed all that. Occupied office space in most major cities are now at all time low. Most office space is being leased at a cheap rate and some office space is even being leased for a limited time for free in a bid to reduce office space vacancy rates. Across the country, office rents have tumbled as the current economic climate has seen office space vacancies in cities from New York to Miami soar to a 5 year high. (more…)
The areas of Burbank and Glendale have seen an increased number of office space vacancies in the third quarter of this year, with over 2 million sq ft of available real estate. The demand for this space has also been falling.
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The office space market in Ohio is still feeling the pressure of the recession, according to reports from commercial real estate experts. One key indicator of how the office market in performing is the vacancy rate. Nationally it is around 16.5%. In central Ohio it is 11.1%, so really the area is better off than many other US metropolitan areas. Two areas that are still in demand from occupiers are Easton and Polaris . However, Downtown Columbus is not doing as well.
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The office space market Calgary is set for some big changes in the coming months as more stock is completed. The downtown office space vacancy in the City is set to be 6% by the end of this year or 10% including sublease space. However this may double into 2010, as the new stock puts pressure on agents and landlords. The current vacancy rate for sublease space is 8.3%
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The film “Office Space” is routinely celebrated at the DC Labor Filmfest. This year was the tenth anniversary and so actors Stephen Root and Gary Cole and a crowd filled with fans of the film watched a special showing at the festival. Gary Cole who played Bill Lumbergh in the film said he thought the film had lost some appeal, until he heard people reenacting scenes from the film in the street. He openly admits that the film was the sole reason why him and Root remained on the radar of filmmakers and fans.
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