Following the addition of 38,400 workers last month and a downward revision to April payrolls, full-time, office-using employment remains just 2 percent from pre-recession peak levels. Through the first four months of 2013, more than 266,000 full-time office positions have been added nationally, accounting for more than one-fourth of all private-sector jobs created during that time. Growth in full-time office jobs has helped reduce the amount of under-utilized space and raises the probability that employers will expand their office footprints to accommodate additional workers. This year, office tenants will absorb 98.3 million square feet of space to drive down vacancy 80 basis points to 15.9 percent. The gains in retail employment this year arose not only from higher customer traffic, but also from the opening of new stores. More than 4 million square feet of space was absorbed in the first quarter, trimming vacancy at the nation’s shopping centers 10 basis points to 10.7 percent in the first quarter. Nominal construction, additional store openings, and the traffic and spending generated by a strengthening job market will tighten vacancy by 80 basis points this year to 10.0 percent and support 1.8 percent asking rent gains.
Posted on: Mon, 10 Jun 2013 17:43:52 +0000
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