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Office Space Tightens, Remains Uneven

CHICAGO-Jones Lang LaSalle’s mid-year national office report claims that 73% of the markets tracked registered a decline in the number of space options.

By Robert Carr | Updated on September 02, 2011

CHICAGO-Before the uncertainty about the world economic markets started its steep slide in late July, most office space experts were expressing pleasant surprise at a steep recovery in demand and activity. That feeling still persists, according the authors of a mid-year office report at Jones Lang LaSalle, but the market continues to bifurcate even further.

Activity is still moving up compared to 2008-9, according to the 2011 National Office Occupier Outlook. Vacancy dropped nationwide from 18.4% to 18.1%, with 73% of the markets tracked registering a decline in space options. The second quarter saw 11 million square feet of office absorption nationally, more than double the first quarter’s 4.3 million square feet absorbed.

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