Online real estate marketplace Ten-X, formerly Auction.com, has released its latest Office Market Outlook report, which highlights the sector’s top buy and sell markets.
According to the long-term forecast report, San Francisco; San Jose, Calif.; Orange County, Calif.; New York City; and Boston have “hot economies” and positive employment growth, encouraging investors to “zero in” on these particular markets.
On the other end, northern Virginia; Houston; Dallas; Pittsburgh; and Long Island, N.Y., display slowing rent gains and employment cutbacks stemming from sluggish local economies.
“On a national basis, office development remains relatively low yet still high enough to match the current level of demand,” says Peter Muoio, chief economist at Ten-X. “While many office markets suffer from a lack of demand and little or no development, others remain hot with strong demand, low vacancies and rising rents – all of which equal new construction.”
To see the full report and projections through 2019, click here.