Posted: March 4, 2012 - 12:39am | Updated: March 4, 2012 - 7:09 By Adam Van Brimmer
Summary: Office vancancy rates are down across all Savannah market areas. Tenants more comfortable signing longer leases than two years.
Key Quotes:
The local absorption rate turned positive across all sub-markets — the downtown business district, West Chatham and Southside — in 2011 for the first time since 2008.
The piecemeal growth is a sign of consistency, however, and insiders say demand is building. They’re calling for positive absorption again this year and a pickup in 2013.
With no new construction expected for the next one to two years, the experts predict a steady decline in vacancy rates and more stability from tenants.
The abundance of space isn’t necessarily a negative for the local market, the commercial real estate agents said. Prices have bottomed, most agree, and a market that boasts a variety of space will benefit during a rebound.
Read the full article at: The beat goes on in local office real estate market.
A. Joseph Marshall
Coldwell Banker Commercial
Commercial Real Estate Advisor
Savannah, Ga
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