Why the US is a top commercial real estate market, and rent rates finally bounce back
Jan 10, 2014
Here are the news stories you might have missed this week:
The Wall Street Journal: Office rents return to 2008 rates
After years of lackluster rent rates, New York City owners are finally exchanging square feet for serious dough. Average office rent reached its highest levels since 2008 in the fourth quarter of 2013, with average asking rent at $61.75 per square foot, only $2.65 below prerecession highs. Economists attribute this upturn to both low inventory and a rise in leasing in the tech sector. For more about what this trend means, visit WSJ.com.
National Real Estate Investor: Five predictions for 2014
2014 is slated to be a big year for the real estate industry. While economic growth remained stagnant for the past three years, 2014 promises positive developments destined to trickle down to the real estate market. To hear more about what’s to come in terms of interest rates, construction demand, and commercial real estate spikes, go to NREIOnline.com. You can also check out IRR’s forecasts for the year in our Viewpoint 2014 report that was released this week.
The New York Times: Tax break as a not-so-secret weapon
The Garden State plans to dole out a lot of green by offering major tax breaks to companies that stay or move within its borders. The revamped Grow New Jersey program hopes to lure in big businesses from New York and Pennsylvania by promising as much as $300 million in tax credits to Jersey-based companies. To learn more about how this plan could boost the state’s economy, visit NYTimes.com.
CoStar: Four US markets ranked among top five global picks for CRE investment
New York, San Francisco, Houston, and Los Angeles rank among the top five most attractive global markets for commercial real estate investment, according to the Association of Foreign Investors in Real Estate. The standings reflect a positive investor attitude toward the U.S. real estate market and coincide with the United States’ high global ranking for planned real estate acquisitions in 2014. Click over to CoStar.com to learn more about how foreign investors view U.S. markets.
Author: Raymond T. Cirz