Did you know that Class A rents downtown average $52.24 per square foot and have risen 12.6% off the trough of the latest recession?
Still, today rents are 25% off peak levels.
It’s all about jobs. The recovery has been uneven in the “office using” segment of our economy, but we are slowly gaining traction.
Moody’s Economy.com expects office using employment to reach previous peak levels by the end of 2014. If we can stay the course this indicates that rents will continue to rise during the current cycle.