{"id":289,"date":"2020-12-18T11:30:54","date_gmt":"2020-12-18T11:30:54","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=289"},"modified":"2023-02-17T08:59:38","modified_gmt":"2023-02-17T08:59:38","slug":"office-rents-edge-down-long-term-impacts-uncertain-says-commercialedge","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/office-rents-edge-down-long-term-impacts-uncertain-says-commercialedge\/","title":{"rendered":"Office Rents Edge Down, Long Term Impacts Uncertain, Says CommercialEdge"},"content":{"rendered":"

The national average full-service equivalent listing rate fell 11 cents in November from the previous month to $38 per square foot<\/em><\/p>\n

SANTA BARBARA, Calif., December 18, 2020<\/strong> \u2013 With vaccines for coronavirus starting to roll out across the U.S. last week, the office industry should feel better about its long-term prospects. However, there are still concerns that will make the road bumpy over the next couple of years. CommercialEdge details the office market\u2019s predicament<\/a><\/strong> in its latest National Office Report.<\/p>\n

Many questions will need to be answered in coming months: Can and will employers require their workers to be vaccinated before returning to work? How will liability be handled if vaccine acceptance isn\u2019t widespread? How does this influence decision makers determining when, or if, their firms will return to the office? The answers to those questions will help determine the strength of the office market\u2019s rebound.<\/p>\n

For now, the national average full-service equivalent listing rate fell 11 cents in November from the previous month to $38 per square foot. The national vacancy rate increased 40 basis points to 13.8%.<\/p>\n

\u201cMany in the commercial office sector expect that the COVID-19 pandemic will reverse the longterm trend of densification and urbanization, leading to a rebirth of the suburban office,\u201d states the report. \u201cWhile it may be a long time before we know exactly how the coronavirus shifted the preferences of the modern worker, there were signs the suburbs were primed for a comeback before this year.\u201d<\/p>\n

One hint that this shift back to the suburbs was already underway before COVID can be found in Austin, the hottest market for new development. Despite the current concentration of properties under construction in the urban center, the vast majority of Austin\u2019s planned stock (77%) is in suburban submarkets, and most projects were planned before developers became concerned that the pandemic would shift attitudes around density.<\/p>\n

Gain all the insight in the December National Office Report from the research experts at CommercialEdge<\/a><\/strong>. CommercialEdge provides extensive property data that includes transaction, ownership and debt information, offering nationwide coverage across all commercial real estate asset types. Use the platform to uncover vital market data and get insights with the latest lease and sale listings.<\/p>\n

About Yardi<\/strong><\/p>\n

Yardi\u00ae develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit yardi.com<\/a>.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The national average full-service equivalent listing rate fell 11 cents in November from the previous month to $38 per square foot SANTA BARBARA, Calif., December 18, 2020 \u2013 With vaccines for coronavirus starting to roll out across the U.S. last week, the office industry should feel better about its long-term prospects. However, there are still […]<\/p>\n","protected":false},"author":650,"featured_media":291,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[28,29],"tags":[96,427],"class_list":["post-289","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-press-releases","tag-commercialedge","tag-office-market-outlook"],"yoast_head":"\nOffice Rents Edge Down, Long Term Impacts Uncertain, Says CommercialEdge - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"With vaccines for coronavirus starting to roll out across the U.S. last week, the office industry should feel better about its long-term prospects.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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