Wall Street Journal Cites CoreNet Global Research in Nov. 20 Office Vacancy Report

The CoreNet Global Summit ended November 20 in San Diego on two upbeat notes: industry professionals heard an optimistic forecast from economist Barry Asmus and the Wall Street Journal cited CoreNet Global research in a national story on office vacancy trends.

Chairman Matthew P. Cullen, MCR.h., told the publication's "Plots and Ploys" columnist Sheila Muto that "Clearly, companies are continuing to downsize" in reaction to CoreNet Global survey results showing 54% of the 105 companies responding are planning on decreasing their office space in the next six months. Of that number, nearly half indicated that so-called "shadow space" makes up more than 10% of their portfolios. Shadow space is space no longer needed or being held for future use.

The paper's weekly Property Report also cited a more positive industrial occupancy trend identified in the quarterly poll of corporate end users. "Nearly 60% plan to maintain the amount of industrial space they currently hold."

The publication reported that "Most of the respondents have real-estate portfolios ranging from 1.5 million to 30 million square feet of space, according to CoreNet Global, an Atlanta-based association of corporate real-estate executives."