Overall 30% quarter over quarter drop in leasing activity across the country. Average days on market from vacant to lease signing is 440 days. Currently national average is 12% vacancy expected to increase to 18% by end of 2010. Office rental rates are expected to decrease except for LEED and Energy Star buildings which normally achieve higher rents.
Average cap rates are 8.5%. A large number of properties have been withdrawn from the market because sellers are not achieving their price points. Today’s property values are reflecting a return to reality.
Sperry Van Ness|RealSite Commercial Group