CoStar, our national research tool, has found that the rebound in large company profits and sales is beginning to expand to smaller employers. Nationally, office space use is creeping up, and vacancy rates--already low due to lack of construction in recent years--are low. This is in marked contrast to what we have been seeing in the past couple of years. In our region, we have been noticing a bigger number of startups, maybe a natural result of people being laid off from their jobs, but also a sign of confidence in the future of industry here.
If you are a tenant, now is the time to renew, expand, or lengthen your lease, before concessions disappear and landlords look to recover some of what they've given back recently. If you are a landlord, good news appears to be around the corner. And not a moment too soon for us!