Written by Eliot Brown [July 7, 2011 The Wall Street Journal]
In a sign the economic recovery’s recent stumbles may be spilling over into the real-estate market, employers took on less office space during the second quarter than earlier in the year.
In all, the amount of occupied office space rose by 3.7 million square feet from April to June, according to real-estate research firm Reis Inc. While that was the third consecutive quarter in which firms added space, the gains were down from the first quarter, when occupied space rose 5.5 million square feet. Reis tracks the office markets in 79 U.S. metropolitan areas.
Rents, meanwhile, rose an average of 0.2% during the second quarter. The office data come as U.S. job growth—always a prerequisite for improvement in the office sector—has been slower than anticipated. In May, the economy added just 54,000 jobs, according to the Bureau of Labor Statistics, and economists predict the figure for June may not top 100,000.
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Ryan Eaton joined Saurage Rotenberg Commercial Real Estate in 2011. Ryan is a graduate of Lee High School and Louisiana State Universtiy (LSU) where he earned a Bachelor of Arts degree with concentrations in business, sociology and speech communication. Ryan’s professional memberships include the Greater Baton Rouge Association of REALTORS® Commercial Investment Division, Louisiana Commercial Database (LACDB). He is also a member of the Baton Rouge Advocates for Safe Streets (BRASS).
Saurage Rotenberg Commercial Real Estate is a member of the Baton Rouge Area Chamber of Commerce (BRAC); the West Baton Rouge Chamber of Commerce; the Baton Rouge Growth Coalition; the Baton Rouge Better Business Bureau; the Louisiana Commercial Data Base (LACDB); and the International Council of Shopping Centers (ICSC). Several agents, on an individual basis, are members of the Society of Industrial and Office Realtors® (SIOR), the Certified Commercial Investment Member Institute (CCIM); the National Association of REALTORS® (NAR); and the Greater Baton Rouge Association of REALTORS® Commercial Investment Division (CID).