Office Market Review
Rentals / Forecast Q1 2024
Demand is expected to remain muted through most of 2024. It could possibly pick up in the latter part of the year, when opportunities to relocate to new office space become more available.
Landlords looking for new tenants sooner, may have to offer more incentives to encourage ten-ants to move earlier than 2025. We foresee many short-term lease renewals, until more alter-natives come available. This will mean vacancy rates will continue to firm.
The new supply expected over the next 18 months is still modest, compared with historic aver-ages. This means that rental rates are likely to remain static over 2024. The new supply in 2025 is likely to cause only minimal downward pressure on rental rates, with prime Grade A space not softening much at all.
Our Rent Predictions for 2024
Prime: $13.50 - $14.00 per sq ft
Mid-range: $10.00 - $11.00 per sq ft
Economy: $7.00 - $8.50 per sq ft
Vacancy rates to firm and rental rates to remain static in 2024
Office Market Review
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Contents include:
- Recommended Leasing Options
- Latest Rental Rates
- Future Office Developments
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