We’re experiencing the same thing and it’s really great news!
by Dan Rafter
Office vacancy rates in the third quarter of the year fell in 70 percent of the United States. That’s the good news from Cassidy Turley‘s third quarter office report.
According to the report, the U.S. absorbed 12.8 million square feet of office space in the third quarter of 2013. That’s down from the 15.6 million square feet of absorption in the second quarter, but the activity was still strong enough to keep the U.S. office market vacancy rate at 15.2 percent. That’s 2 percent lower than the recession-era peak of 17.2 percent for this market.
“Demand for office space is still subpar, but, nevertheless, it has been consistently positive for multiple, consecutive quarters,” said Kevin Thorpe, chief economist at Cassidy Turley, in a written statement. “At the same time, new supply remains extremely constrained. In fact, demand for office space has now exceeded new supply for…
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