The regional office market had a solid, but not stellar performance in 2016. The vacancy rate decreased from the end of the second quarter, but ended the year at the same level as 2015. The largest lease deals were lateral moves within the market, renewals, or build-to-suit transactions that have not yet impacted absorption. There was stronger Class B absorption in a few submarkets but, overall, the flight to quality buildings was still prevalent. As the Class A supply continues to decrease, Class B buildings, particularly those that have been upgraded, are likely to have increased activity in 2017.

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