Office Markets With Technology and Energy Sectors Continue to Outperform, by Studley
Bullish tech companies in the Silicon Valley and the San Francisco Bay Area, as well as thriving oil and gas firms in Texas continue to outperform other office markets in 2012, says the 4Q12 Studley Office Market and Spacedata Report. Conditions are not likely to change much in the first half of 2013, says the report. Demand is outstripping supply in these markets as businesses secure blocks of existing space as soon as they hit the market.
In contrast, Washington, D.C. and New York City lost momentum in 2012 due to their dependency on the federal government, defense contractors, banks and law firms for much of their leasing activity. These core space users remain concerned about revenues in 2013 and are squarely focused on cost-containment.
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