ELECTRICITY PRICE FOLLOWS RISING OIL COST
The price for a barrel of oil jumped to a record $54.46 in mid-March with expectations that the price will soon break $60. While OPEC recently announced a 500,000 barrel increase in production, electricity costs throughout the U.S. are still expected to rise, but vary by region.
Average Retail Price of Electricity to Commercial and Industrial Users
| (Cents per kilowatthour) | ||||
|---|---|---|---|---|
| Commercial | Industrial | |||
| Census Division and State | Nov. 2004 | Nov. 2003 | Nov. 2004 | Nov. 2003 |
| New England | 10.21 | 10.16 | 7.43 | 8.14 |
| Middle Atlantic | 10.16 | 10.22 | 6.09 | 6.82 |
| East North Central | 7.28 | 7.02 | 4.53 | 4.44 |
| West North Central | 5.94 | 5.45 | 4.16 | 4.05 |
| South Atlantic | 7.07 | 6.73 | 4.55 | 4.39 |
| East South Central | 6.94 | 6.66 | 3.84 | 3.66 |
| West South Central | 7.47 | 7.15 | 5.36 | 4.94 |
| Mountain | 7.08 | 6.9 | 4.83 | 4.51 |
| Pacific Contiguous | 10.2 | 10.08 | 6.59 | 7.76 |
| Pacific Noncontiguous | 14.83 | 12.95 | 13.21 | 11.01 |
| U.S. Total Average | 8.03 | 7.79 | 4.96 | 4.94 |
| Source: Energy Information Administration | ||||
COASTAL AND TECH MARKETS POST STRONGEST OFFICE GAINS
According to Marcus & Millichap's National Office Report, coastal and technology-oriented markets are expected to post the strongest gains in 2005. Fort Lauderdale took the top spot due to high marks in all measured categories, including the second-highest forecasted revenue growth of all markets at 4.5%, coupled with a relatively thin construction market.
Top Projected Office Markets in 2005
| MSA | Rank 2005 | Rank 2004 | 04-05 Change |
|---|---|---|---|
| Fort Lauderdale | 1 | 11 | +10 |
| Washington, D.C. | 2 | 1 | -1 |
| Orange County | 3 | 4 | +1 |
| Riverside-San Bernardino | 4 | 3 | -1 |
| NYC-Manhattan | 5 | 7 | +2 |
| San Diego | 6 | 2 | -4 |
| Miami | 7 | 14 | +7 |
| Tampa | 8 | 9 | +1 |
| Los Angeles | 9 | 5 | -4 |
| West Palm Beach | 10 | 12 | +2 |
| Source: Marcus & Millichap | |||
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