Atlanta led the country in vacancy declines, according to second quarter market information recently released. Atlanta fell 60 basis points, followed by Chicago at 50 points and Seattle at 30 points. In fact, seven out of the thirteen major US markets experienced vacancy rate declines; Houston and San Francisco are almost at pre-recession levels.
Demand for office space increased significantly over the past quarter, with more than 15.1 million SF of office space being absorbed across the country. Vacancy rates fell 10 basis points across the country and asking rates increased by 2.2% (up to $22.36 PSF). The past quarter also brought increases in construction; there is about 73 million square feet of office space currently under construction, up 34% from this time last year.Share