Boston and Dublin forecast for considerable rental office growth | 19 December 2013
American city Boston and Irish capital Dublin have been named regional leaders in the office rental market and are expected to exhibit the highest rate of rental growth in the next 12 months.
The report, published by commercial real estate services firm Cushman & Wakefield, revealed that the office rental market is expected to experience steady growth throughout 2014 as global economic conditions become more stable and businesses gain confidence.
Analysts predict continuous demand for commercial space in Boston, which could cause the cost of office rents to rise by 22 per cent. This is largely due to the fact that technology and energy are the key areas of growth which driving real estate recovery in the U.S.
According to rew-online.com, businesses are looking for office space with flexible, open-plan layouts, strong architectural features and space-saving furniture solutions to help them improve the square footage available.
David Hutchings, partner and head of Cushman & Wakefield’s European Research Group, told propertywire.co.uk that many businesses are encountering an increasing amount of problems with the supply of office space, which is likely to drive costs up.
Mr Hutchings said: “This is pushing rental growth and occupiers will have to move sooner than expected to secure deals on the decreasing amount of quality space that is available.”
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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