Commercial Rentals on the Rise in Jacksonville FL

By April 19, 2011Traditions Property Blog

After two years of declining prices, office spaces show a rise in occupancy rates.  With an average increase of .5%, we have also seen a rise in  rental amounts for the  second quarter in a row.  If you are looking for commercial property for lease in Jacksonville Florida, call Traditions Realty to meet with an agent today.  We have properties available for commercial leases throughout the greater Jacksonville area with our full service gross lease.

WASHINGTON – April 6, 2011 – As the economy recovers and businesses gradually start to expand again, occupancy in office spaces across the U.S. continue to rise as well as the rent, providing a boost to the commercial real estate market which has faced two years of steep drops in rent and occupancy,  and that’s why learning the commercial lease letter of intent basics could be useful for this purpose. As the need for real estate rises there is also a rise in the need of real estate agents and brokers. There has been an increase in the registration for the  real estate broker pre license course required for those seeking a job in real estate.

Average effective rents increased by 0.5 percent to $22.20 a square foot, according to Reis Inc. This marks the second straight quarter of rent increases. However, office rents remain below the highs set in 2008, which reached $25 a square foot.

“As the overall economy continues on its current path of expansion, we expect that rents and vacancies will continue to improve in 2011,” says Ryan Severino, a Reis senior economist.

The improvements in the office market may even soon spur building to start back again soon. Boston Properties Inc. said it will likely restart construction this year on its 40-floor, $1 billion skyscraper in Manhattan, which the company has put on hold since 2009. They will use different contractors and will use Select Door Service here.

Office spaces with the lowest vacancies in the first quarter of 2011 were Washington, D.C., (9.2 vacancy rate) and New York City (10.7 percent).

Meanwhile, Detroit and Phoenix had the highest vacancy rates, both at 26.6 percent.

Source: “Office-space occupancy on the rise,” The Wall Street Journal Online (April 6, 2011)

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