According to Cushman & Wakefield Research:
“Employment in office-using industries increased by 68,000 jobs in February and stands 869,000 above year-earlier levels. Demand for office space is now at an all-time high and should lead to further declines in office vacancy rates across the U.S. In 2014, the national office vacancy rate fell by 110 basis points, from 15.9% to 14.8%.
For the retail, industrial and hotel sectors, the key will be income growth. If, as we expect, the pace of earnings growth increases as the year progresses, we should see even more rapid growth in spending leading to stronger retail, industrial and hotel demand.
We expect the economy to remain strong throughout the coming year leading to one of the best years for commercial real estate in the past decade.”