WASHINGTON — Certain cities reported a softened commercial real estate landscape while others experienced modest or stalled activity, according to the Federal Reserve Board's Beige Book, which was released yesterday.
Commercial real estate conditions varied in April and May, with some districts reporting that activity had softened, according to data reported by the 12 Federal Reserve districts. Leasing activity eased in Boston, New York, Philadelphia, Richmond, and San Francisco. Minneapolis, however, reported that market activity was up modestly, while activity was mixed across the St. Louis district, the Fed reported. Vacancy rates edged higher in Boston, Kansas City and San Francisco, as well as in pockets of the Richmond and St. Louis districts.
The Fed reported that absorption was negative in Boston and in Minneapolis for both office and manufacturing space. Overall rents were on the rise in New York, but were stable or beginning to slip in Boston, Philadelphia, Richmond, and Kansas City. Sales trended downward according to the New York, Philadelphia and Kansas City districts.
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The Fed's Summary of Commentary on Current Economic Conditions, commonly known as the Beige Book, gathers anecdotal information on current economic conditions in its districts through reports from bank and branch directors and interviews with key business contacts, economists, market experts and other sources.
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