An article on costar.com reported that "the U.S. office market unexpectedly posted positive net absorption" (more space occupied than vacated) during the 4th quarter of 2010. The most likely reason for this surprise result was an increase in jobs in the office sector. The article noted that "since the end of August (2009), office-using employment is up 154,000 jobs."
Unfortunately for those of us on the west coast, things aren't so rosy. Orange County posted negative net absorption (more space vacated than occupied) of 1 million square feet, San Francisco comes in a close 2nd with negative net absorption of 900,000 square feet. All told Washington, Oregon, and California combined for negative net absorption of over 2 million square feet.
To read the complete article please click (HERE).
Unfortunately for those of us on the west coast, things aren't so rosy. Orange County posted negative net absorption (more space vacated than occupied) of 1 million square feet, San Francisco comes in a close 2nd with negative net absorption of 900,000 square feet. All told Washington, Oregon, and California combined for negative net absorption of over 2 million square feet.
To read the complete article please click (HERE).
