BY THE NUMBERS
CHICAGO—Slowing absorption and a pending wave of new supply are setting the stage for muted growth in the office sector. That is one of the conclusions of JLL drew after examining data on the fourth quarter. “A combination of decelerating leasing velocity and a lower level of “mega leasing” resulted in just 6.5 million square feet of net absorption during the fourth quarter,” according to the report. And low unemployment and a shortage of skilled talent suppressed leasing activity in several major technology hubs. Tech remained the office market's primary demand driver, representing 24.4% of national leasing activity and helping offset suppressed tenant demand in the legal and financial services sectors.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
