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Savills Prime Office Cost Index Q4 2017
06 February 2018

At the close of 2017, a majority of SPOC markets outside of the US and Mexico increased in overall costs (year-over-year as measured in USD) as global real estate markets strengthened and the dollar depreciated against 2016 highs.

 

Research search results: 245 found

 
Los Angeles (Westside) 2018 ERI Report

Los Angeles (Westside) 2018 ERI Report

25 April 2018

Tenant effective rent posted its third consecutive year-on-year increase. Effective rent rose at roughly the same amount as in 2016, but concessions jumped by more than 10%. Tenants displayed additional price resistance during 2017. Some found space in alternative areas such as El Segundo and Playa Vista. Consolidation in the media and entertainment sector could temper leasing activity and rent increases in 2018.

 
 
 
Manhattan (Downtown) 2018 ERI Report

Manhattan (Downtown) 2018 ERI Report

25 April 2018

The average value of concessions soared to $129/sf during 2017, offsetting a slight increase in taking rent, and causing a 7.8% decline in tenant effective rent to $39.47. Much of the Class A space remaining in Lower Manhattan is priced well above $60/sf. Consequently, any reduction in effective rent in 2018 will be sparked primarily by further increases in concessions.

 
 
 
Manhattan (Midtown) 2018 ERI Report

Manhattan (Midtown) 2018 ERI Report

25 April 2018

Average negotiated rent fell below $100 for the first time since 2014 as landlords stretched to boost leasing activity. Owners pushed concessions even higher into record territory, spurring an 11.2% decrease in tenant effective rent during 2017. Tenants responded. Leasing volume surged in the second half of the year, totaling nearly 19.0 msf. Despite the increased activity, most firms will still have multiple space options to choose from in the next few quarters, compelling landlords to keep

 
 
 
Northern New Jersey 2018 ERI Report

Northern New Jersey 2018 ERI Report

25 April 2018

Following two consecutive years of steady leasing and sustained rent increases, trends turned to the favor of tenants in the second half of 2017. Leasing activity stumbled and a spike in sublet space availability significantly increased options in the Hudson Waterfront. Leasing activity in Newark gained some ground in 2017, but most buildings still have ample availability. Landlords will have to remain aggressive with concessions in 2018 as they face a spike in availability.

 
 
 
Orange County 2018 ERI Report

Orange County 2018 ERI Report

25 April 2018

Orange County posted a third straight year of above-average leasing volume, even as rent pushed further into record territory. A diverse array of firms were once again willing to pay top dollar at Irvine Spectrum Center and Fashion Island. Emboldened by sustained demand, a few owners are proceeding with speculative office development. It will take several quarters for much of the new product to deliver. In the meantime, companies seeking quality space will face increased rent.

 
 
 
Philadelphia 2018 ERI Report

Philadelphia 2018 ERI Report

25 April 2018

Sustained leasing in education and health care, coupled with modest expansion among law firms, banks and professional/business services sectors kept activity in Center City’s Class A sector on a steady track. Effective rent fell slightly, due to fewer leases in trophy buildings in 2017 and near-record concession packages. Demand for quality product is seemingly quite strong. In turn, tenants will encounter slightly higher rent in Center City’s top-tier properties during 2018.

 
 
 
Phoenix 2018 ERI Report

Phoenix 2018 ERI Report

25 April 2018

Despite clear signs that hiring activity in the region was cooling, activity in top-tier Class A buildings was relatively sustained during 2017. Landlords were bullish as negligible new construction and steady leasing kept availability in Class A properties within Chandler, Tempe, Scottsdale and Downtown tight. Tenants are likely to face more modest rent increases during 2018 as hiring and leasing appear to have decelerated.

 
 
 
Raise the Roof! When to consider cubic clear heights for your warehouse operations

Raise the Roof! When to consider cubic clear heights for your warehouse operations

25 April 2018

Shrinking availability of industrial land and shifting consumer demands are driving average warehouse clear heights to new levels. When does it make sense for industrial tenants to considering moving to higher clear-height buildings for their warehouse operations?

 
 
 
San Diego 2018 ERI Report

San Diego 2018 ERI Report

25 April 2018

Leasing volume in Downtown San Diego was sustained, totaling 1.0 msf during 2017. The relocation of a few tenants from suburban locations and increased interest from the tech sector boosted activity. In the wake of a couple of years of sustained activity, the pool of quality Class A space Downtown has been depleted. Tenants will face increased rent during 2018 as landlords take advantage of a limited set of quality blocks and negligible construction.

 
 
 
San Jose 2018 ERI Report

San Jose 2018 ERI Report

25 April 2018

Negligible space options and spiking rent in Mountain View, Sunnyvale and Menlo Park prompted more tenants to consider Downtown San Jose. Plans for major developments surrounding Didiron Station have given companies an even bigger push. In turn, landlords achieved the sharpest increase in effective rent during this cycle. Tenants will encounter additional decreases in concession packages in 2018 as occupancy levels remain at their highest level in years.

 
 
 

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