► The total area of office space available is 811,790 square feet, an increase of 1.87% (14,924 SF addition) over last quarter. This was a 25.94% increase over 4th Qtr 2010’s total area. This includes executive suites.
► The overall weighted average gross lease rate for all office space during the 4th Qtr 2011 was $13.18/SF with a median of $13.05/SF. This lease rate has decreased by 1.53% since 3rd Qtr 2011 and has decreased by only 1.87% since 4th Qtr 2010’s rate of $13.43/SF. Continuing with 4th Qtr 2011 stats, the lowest gross lease rate for office space was $6.92/SF and the highest gross lease rate for office space was $23.50/SF.
► The overall weighted average number of days on the market for all office space during 4th Qtr 2011 was 413 days (a median of 284 days), an increase of 4.51% over the preceding quarter and an increase of 8.61% since 4th Qtr 2010.
► Office space with area under 4,000 SF is on the market a weighted average of 390 days compared with 478 days for office space over 4,000 SF. There are 195 listings under 4,000 SF (1.02% decrease from last quarter) compared with 67 listings over 4,000 SF (1.52% increase from last quarter).
► The largest number of office listings was for the 1,001-2,000 SF range at 90 active office listings, an increase of only 1.12% over last quarter. This range’s average gross lease rate is $12.87/SF with a median of $12.95/SF, a decrease of 2.66% from last quarter.
► The second largest number of office listings was for the 2,001-3,000 SF range, having 43 active office listings in the market. The average lease rate for this range decreased by 0.17% to an average gross lease rate of $14.17/SF. Also, the 501-1,000 SF range had a total of 34 listings in the market with an average gross lease rate of $11.13/SF. The largest percentage increase in the number of listings was the 10,001-15,000 SF range, having increased 37.50% to 11 listings, which was three more than last quarter.
► Over 47% of the office inventory is under 2,000 SF, almost 64% is under 3,000 SF, and almost 75% is under 4,000 SF.
► The number of negatively or positively absorbed office spaces within each square footage range is as follows: Executive Suites decreased by a whopping 14 listings (a number of listings were leased as one whole suite), 501-1,000 SF decreased by 6 listings, 1,001-2,000 SF added 1 listing, 2,001-3,000 SF added 2 listings, 3,001-4,000 SF added one listing, 4,001-5,000 SF stayed the same, 5,001-6,000 SF decreased by 1 listing, 6,001-7,000 SF increased by 1 listing, 7,001-10,000 SF decreased by 1 listing, 10,001-15,000 SF added 3 listings, 15,001-25,000 SF stayed the same and 25,001+ SF stayed the same.
► Executive suites (less than 500 SF) had 14 listings removed from the market now totaling 33 listings at an average lease rate of $28.30/SF and an average days on the market of 320 days. Overall, the number of listings either decreased or stayed the same in 7 of the 12 square footage ranges. Lease rates declined or stayed the same in 9 of the 12 square footage ranges and days on the market increased in 8 of the 12 square footage ranges.