Office Market Poised for Growth
- Office vacancy decreased to 11.7%
- Net absorption increased Q-O-Q and Y-O-Y
- Market poised for largest inventory expansion in years
Office net absorption rebounded in the third quarter, after demand cooled at midyear. Net absorption increased to 384,600 square feet, significantly outpacing new supply. This brought vacancy down to 11.7%, from 12.4% one quarter ago. Asking rental rates increased to $2.42 psf on a full service basis.
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