Q4 Update: Office Leasing Hits Highest Level Since The Crash

Ryan Boysen

Looks like the boom has hit the office space sector with a bang as US employers leased more office space in Q4' 15 than at any time since 2007, Reis data reveals.

Employers added 15.3M SF of office space last quarter, bringing the total occupied to 42.4M SF for 2015—a substantial leap from 2014’s 31.4M SF.

Analysts say demand is ramping up, with the tech sector leading the charge and a strengthening economy providing a nationwide boost. 

Rents are also up, not too coincidentally, with Seattle seeing the biggest jump at 8.1% for an average of $27.67 per SF, followed by the Bay Area's San Francisco and San Jose with 6.1% and 6% increases, respectively.

Despite the nationwide surge, cities with a large connection to the energy sector—Houston, for one, has a problem—are seeing dips due to a global oil glut. The Energy Capital of the World actually saw vacancy rates rise last year, a trend analysts expect to continue. [WSJ]

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