Posted on October 21, 2019
Newmark has just published our National Market Reports for Q3. Below I’ve provided a quick overview as well as a link to both the office and industrial reports.
Next week I’ll provide our local Q3 reports for the state of Utah.
Office Market click here:
The U.S. office market tightened during the third quarter of 2019. However, absorption decelerated compared with the nation’s performance last quarter and was down markedly over the third quarter of 2018. Asking rents rose 2.6% compared with the third quarter of 2018. Vacancy declined 40 basis points over the past 12 months. Approximately 8.9 million square feet of new product delivered during the third quarter of 2019. The amount of space under construction remains robust and is an indicator to watch during the balance of the year. However, overall market conditions suggest the cyclical expansion will continue at least through the end of 2019.
Industrial Market click here:
The U.S. industrial market displayed sturdy fundamentals during the third quarter of 2019, with rising asking rents and continued tight vacancy. Although absorption has moderated in 2019 in response to a lack of available product as well as concerns about the global economy and the trade war with China, leasing velocity remains high. Industrial groundbreakings reached a new cyclical high in the third quarter, as developers seek to capitalize on the sturdy performance of the industrial asset class.