U.S. Office Rents Highest Since 2009

Technology-heavy cities like San Francisco and San Jose lead growth in leasing, rents.

U.S. office rents climbed in the third quarter as leasing extended a rebound following almost three years of declines, Reis Inc. said.

The average effective rent, or what tenants paid after any landlord concessions, rose to $22.39 per square foot, the highest since 2009’s fourth quarter, the New York-based real estate research company said in a report today. It was up from $22.04 a year earlier and $22.25 in the second quarter. Landlords had a net increase in occupied space of 6.19 million square feet (575,000 square meters), the fourth straight gain.

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