Top Metropolitan Office Markets in Terms of Demand, Q2 2009
According to the data presented, these were the only five metropolitan markets, among the 29 covered by the report, that registered positive net absorption (increase in their occupied office space stock), with the remaining having registered negative net absorption (decrease in occupied stock). Pittsburgh was the top performer in the second quarter of 2009 with a 1.5% (or 694,281 square feet) increase in its occupied stock followed by Minneapolis with a 1% (or 443,517 square feet) increase in its occupied stock. The three worst performing metropolitan office markets in terms of demand, were Miami, Raleigh/Durham, and New Jersey, where the occupied office space stock declined by 2% in each, or by 587,133 square feet, 668,306 square feet and 2.39 million square feet, respectively.
New York and San Francisco were the fourth and fifth worst performing markets in terms of demand, as their occupied office space stock declined by 1.4% (or 5.2 million square feet) and 0.9% (or 647,141 square feet), respectively. At the Central Business District (CBD) level, eight markets of the 29 covered by the report registered positive net absorption in the second quarter of 2009. The top three CBDs were West Palm Beach-Palm Beach County, San Diego and Sacramento where occupied office space stock increased by 0.9% (37,723 square feet), 0.7% (52,848 square feet) and 0.6% (41,086 square feet), respectively. The three worst performing CBD areas were Miami, Orlando and New York (Midtown) where occupied office space stock declined by 1.9% (196,973 square feet), 1.9% (91,895 square feet), and 1.7% (4.1 million square feet), respectively.
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