SEATTLE, WA Nov. 3, 2010 /PRNewswire/ -- The U.S. office market absorbed 6.5 million square feet of space on a net basis during the third quarter in a major improvement over the 1.8 million square feet of similar activity recorded in the prior quarter, according to new research from Colliers International.
This latest report from Colliers International, one of the world's leading commercial real estate services firms, strengthens the argument that the nation's largest office hubs are in the early throes of a sustained recovery.
Findings from the report also suggest that office users have a limited amount of time left before the market cycle once again begins to favor landlords and rising rents.
"Our third quarter office market findings are indeed encouraging in many respects," said Ross Moore (top right photo), chief economist at Colliers International.
"One of the most positive findings is that the national office vacancy rate appears to have peaked earlier this year at 16.3 percent as the volume of new office completions has virtually dried up. In a healthier cycle, a dearth of new office development would not bode well for growing businesses.
For a complete copy of the company’s news release, please contact:
Richard Mulieri, richard@themarino.org, or Parke Chapman, parke@themarino.org, both at +1-212-889-0808
Web Site: http://www.colliers.com
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