CALABASAS, CA, March 30, 2012 – In this year’s National Office Property Index (NOPI), prepared by Marcus & Millichap Real Estate Services, San Francisco, New York City and Houston are the top three markets, based on a variety of factors including vacancies, job growth and projected rents.
Meanwhile, Cleveland, Detroit and Las Vegas round out the bottom of this year’s NOPI.
U.S. office vacancy is expected to tighten to 16.6 percent by year’s end. Marcus & Millichap forecasts a doubling in demand to 47 million square feet in 2012 will dwarf the 22 million square feet of new supply.
Asking and effective rents are expected to increase 2 and 2.8 percent, respectively, with stronger gains in limited supply, gateway markets.
For a complete copy of the company’s news release and further analysis, please contact:
Stacey Corso, Public Relations Manager, (925) 953-1716
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