Over the past two years, one in four downtown office buildings have traded hands. Over the same period, Center City asking rents have risen to an all-time high in Q1 2017.
*Office property trades prove to be a major catalyst for rent growth downtown as many new owners are repositioning their assets to command higher rates.
*Overall, new occupancy has accompanied post-sale rent gains; however, asking rent bumps in the range of 10-12% were most effective to cultivate immediate occupancy growth.
*Examining the market’s place at this late stage in the capital markets cycle, CBRE Research offers an informed forecast for future rent trends.