CBRE has released a new report which forecasts another good year for the US commercial real estate market in 2015. And Philadelphia has been singled out as one of the cities that are expected to see big increases in activity.
The market report was delivered as part of CBRE’s 2015 national forecast series called Moving up the Risk Curve,which predicts higher demand for both urban and “transit-oriented outpost locations”.
The report also expects vacancy rates to fall in 2015 due to a steady demand for space and low development levels across the United States. Job growth is driving the demand for office space, which is responsible for the falling numbers in major markets.
According to Rija Beares, CBRE’s senior associate, tech, education, energy and healthcare will be the industries driving demand nationwide.
These sectors are expected to be the primary economic drivers for the “foreseeable future” and job growth is expected to continue for at least four more years.
Philadelphia stands out due to its thriving technology community and increasing consumer confidence, which is being driven by increases in job growth and GDP.
Data released on Thursday, from Moody’s and Real Capital Analytics, reveal that US commercial property prices have reached a record high, surpassing the peak reached in 2007 by 0.2 per cent.
Previous Post
Selfidges announces Highest Profits in Company History
