The net
effective rent fell 6.4 percent to a median of $ 2,559.
Although
effective rent fell by 2.3 % over last year, it was more than half the 5.6 % decline of 2009.
Net
effective rents fell 6.3 percent to a median of $ 2,629.
Effective rents fell 0.5 percent.
Not exact matches
Net
effective rent, or what tenants paid after incentives are subtracted,
fell 3.8 percent to a median of $ 3,168.
Effective rent growth is still positive for the quarter, but
falls somewhere in the middle to lower half of national rankings (Washington, at 0.5 percent, is at number 25 out of 82; suburban Virginia, at 0.4 percent, is at number 31.
Nationally,
effective rent levels averaged $ 641 per bed for
Fall 2017, up 1.9 % from
Fall 2016.
Richmond, No. 3 in November,
fell to No. 4 in December, even though its annual
effective rent growth increased to 6.1 %, only 28 bps behind Las Vegas.
Properties delivered over the last two years as well as those delivering this
fall saw an average
effective rent level of $ 720, which is more than $ 100 higher than the national average of $ 610.
The average
rent landlords actually received last year for downtown Class A office space
fell to its lowest level since 1996, according to a study of
effective rents, which factors in the value of concessions, such as free
rent.
Effective rents also
fell in the suburbs, particularly in Lake and DuPage Counties, where landlords did so - called negative
rent deals, in which the value of concessions exceeds the rental income.