March Market Update
As of March 1, 2017, total lease listings grew by 23% over the first two months of the year. As a share of total lease listings, office grew from 42% of all commercial listings in 2016 to 62% at the beginning of March. Industrial listings shrunk by half (26% versus 12.6%) and retail stayed roughly unchanged at 24.9%. Leasing activity in 2016 set new records for our organization and we anticipate continued growth in 2017. Leasing activity increased in early 2017 with renewed interest in industrial, office and retail space. Tenant preference has leaned toward shorter lease term commitments in lieu of other concessions. New and expanding businesses appear to be testing the waters as all indicators point to a strengthening market.