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Fifteen consecutive quarters of economic expansion in the U.S. led to higher employment, lower unemployment levels and improving office market fundamentals. At the close of first quarter, real Gross Domestic Product rose at a 2.5% annualized rate, while nonfarm employment was up 1.5% year over year (for a net gain of almost 2.0 million new jobs through March 2013) and unemployment fell 0.5 percentage points (pps) to 7.7%. This growth, in turn, supported healthy leasing activity that put downward pressure on vacancy levels while providing landlords in select markets sufficient incentive to boost asking rents.
Source : Cushman & Wakefield
