by jbs100708e3 — October 10, 2008—Total collections for suburban office complexes nationwide in 2007 dipped less than 1% from 2006 levels to $19.31 per square foot of net rentable area, whereas those for downtown properties increased 3.1% to $19.85 per square foot, according to a new benchmarking study published by the Institute of Real Estate Management (IREM). Total actual collections for downtown properties were 2.8% more last year than their suburban counterparts.
These are among the major findings reported in the 2008 edition of the Income/Expense Analysis: Office Buildings. This annual research study, conducted by IREM since 1976, analyzes operating income and costs for 1,549 private-sector office complexes—some containing multiple buildings—in major metropolitan areas and regions in the US. It is designed to help property owners, managers, investors, appraisers, lenders, developers, and other real estate professionals evaluate their buildings’ performance and prepare budget and revenue projections, feasibility studies, etc.
The IREM Income/Expense Analysis research study contains detailed analyses of office building operating revenues and expenses for major metropolitan areas and suburban markets in the US. The income and expense data is presented in dollars per square foot for more than 50 specific categories, broken out by building size, height, age, and rental range.
The 274-page report is available for $404.95 + s&h; IREM member price $202.95 + s&h. The publication is also available in a downloadable format by visiting the IREM Publications Web site.
