U.S. Office Rents Increase in Gradual Market Recovery

U.S. office rents rose in the fourth quarter, extending a gradual recovery from the recession that’s prompted some landlords to sell buildings as occupancies climb.

Tenants paid an average of $23.48 a square foot, up from $23.32 in the previous three months and the 13th straight quarterly gain, according to a report by Reis Inc. Effective rents, the amount after any landlord concessions, increased from $22.98 a year earlier, the New York-based research firm said.

To contact the reporter on this story: Hui-yong Yu in Seattle at hyu@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net

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