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“As a general rule, the most successful man in life is the man who has the best information
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A recessionary mindset is squeezing the office market.

by John Salustri

The national office leasing market that emerged from the recession was a vastly different animal than the one that entered it in 2008. The years of downturn transformed how corporate tenants around the country define their use of space, and that fact has contributed to a leasing recovery that, while progressing, has to date been slower than other areas of commercial real estate. For comparison, just look at the capital markets, which by most accounts are fully back on track.

Make no mistake. Leasing has stabilized, to the point that some regions even boast construction starts to absorb the demand. What’s more, as the recovery continues to take hold, corporate America is beginning to move beyond its doing-more-with-less mentality to start doing more with, well, more. That means expansion.

Recessionary Thinking

“The job numbers have been disappointing,” says Hessam Nadji, senior vice president and chief strategy officer for Calabasas, Calif.-based Marcus & Millichap. “But the No. 1 job-creating structure in the U.S. since the recession has been professional and business services.” In fact, Nadji points out there have been nearly 700,000 jobs added in this sector during the past 12 months. Nevertheless, the office vacancy decline has been minimal. Why?

“Every recession leaves a permanent mark,” Nadji says. “Leasing was very aggressive during the growth cycle. The permanent mark from this recession is a reversal of that — an ultra-­conservatism about space utilization — and it is here to stay. Tenants are completely rethinking their use of office space with the goal of consuming less space and becoming more efficient.”

The squeeze is definitely on. According to CoreNet Global research, the average square foot per person dropped from 225 square feet to 176 sf between 2010 and 2012. That is expected to shrink to 100 sf by 2017.

Matt Eckert, a CBRE vice president in Kansas City, Mo., sees that dynamic playing out daily. “Our clients are looking very closely at how much space they use,” he reports. “Some of the larger law-firm tenant improvement projects currently underway here reflect a reduction in office sizes of roughly 33 percent.”

But Nadji believes that many corporate offices have reached capacity. “The worst of this disconnect between job growth and space consumption is over,” he notes. “More companies are looking at the need to grow.”


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Walter Unger CCIM, CCSS, CCLS

I am a successful Commercial Investment Real Estate Broker in Arizona now for 20 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial landspecialist in Phoenix and a Landspecialist in Arizona.





we are at on the a rise of the cycle in Commercial Real Estate.  so there is only one way and it’s called we are going up and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix.  The prices on deals I may get you will not be around forever.


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