The economic slowdown in the US in the last few years has hit several companies representing different sectors, which translated to employee lay-offs. As a result, the demand for office space leasing also dipped. The Wall Street Journal news report discusses how sluggish the office market in DC and in other states had been since 2007, but has slowly picked up since late last year and is expected to build more momentum for 2014.
At the current rate that companies are leasing new offices—known as "positive absorption"—it would take more than two years to reach that peak level again.
Still, some market observers say they are optimistic demand for office space will gain momentum this year, further whittling the vacancy rate and allowing asking rents to rise. Average asking rents increased in the fourth quarter to $29.07 per square foot a year, up 0.7% from the third quarter but still short of the recent high of $29.37 hit in 2008.
"The pace of the recovery is still rather sluggish," says Ryan Severino, a senior economist at Reis, based in New York. "But a lot of the things that held the market back (last) year probably won't be in place in 2014. We're optimistic that 2014 can be better than 2013 was."
If your company is bouncing back and experiencing growth and expansions are on the horizon, then a topnotch office rental in Washington, DC is just what you might need in order to keep your employees happy and working productively. There are different companies offering office space lease and rentals and it is important to identify which ones offer the best value for your money.
Technologically updated
Regardless if you are planning to rent out executive or shared office spaces, they must all be up-to-date with the latest equipment that will help you and your employees work faster and more efficiently. Go for offices that have dedicated bandwidth solutions, remote network monitoring, secured high-speed internet connection, virtual clubs for visitors, and a complete package of communication items like multi-phone sets and fax lines, among others.
Furthermore, the offices should be fully-furnished, complete with a kitchen lounge and beverage service, cable TV, administrative support, and janitorial and maintenance services. Companies like Metro Office provide outstanding office space for rent in Washington, DC that meets all the requirements mentioned.
(Article Excerpt and Image from “Office-Rental Market is Getting Stronger,” The Wall Street Journal, January 6, 2014)