IREM: Costs, Rents up for Apartments, Down for Offices via GlobeSt.com

The locally based Institute of Real Estate Management has released two commercial real estate-realted studies it compiles every year on the national apartment and office markets. Surveys from thousands of properties show some of the obvious, such as apartment rents have gone up while office rents have dropped, but also detail other leasing factors, such as expense break downs for each property type.

The apartment report, Income/Expense Analysis: Conventional Apartments, analyzes NOI and cost figures for 3,156 multifamily properties across the US and Canada in 2011. Results show that low-rise buildings, with only 12 to 24 units, had the highest rent increase of 8.3% to $11.98 per square foot, while low-rise buildings with 25 or more units had the only decrease of 1.5% to $10.07 per square foot. Garden and elevator complexes remained about the same. The report also shows the move back into higher rents and NOI after two slow years in 2009-10.

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