U.S. Office Trends Report – 3Q 2011

Office Sector Summary – Despite the darkening clouds forming over the global economy, the U.S. office sector continues to exhibit improving fundamentals. In the third quarter of 2011, net demand for office space registered at 15.0 million square feet (msf) – the largest quarterly gain in four years. Although 53 out of the 82 markets tracked recorded occupancy gains, the third quarter numbers were largely powered by strong demand in markets located in Texas and New York. The top five markets in terms of net absorption in the third quarter were New York City (+2.4 msf), Houston (+984,000 sf), Austin (+930,000 sf), Long Island (+771,000 sf), and Dallas +740,000 sf). U.S. office vacancy fell 20 bps from the second quarter to 16.2%. On a national basis, vacancy rates have been … click here to read full report

 

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