(Save the date: RealShare Chicago comes to the Union League Club of Chicago October 23.)
CHICAGO-In a slight reversal of fortune, the West Coast has taken over as the growth engine for the current national office market, according to recent second quarter numbers provided to GlobeSt.com by locally based Jones Lang LaSalle. Eight markets dominated by technology and energy firms are the strength of the slight national vacancy drop to 17.3%, JLL says, while the Mid-Atlantic cities that led the country out of the recession slow to a crawl.
John Sikaitis, director of office research for Jones Lang LaSalle, tells GlobeSt.com that the energy and tech market regions such as Silicon Valley, Seattle, Portland and Austin make up almost 70% of the nation’s office occupancy gains in the first half of the year. Silicon Valley has seen about 1.8 million square feet of positive occupancy growth this year, followed by about 800,000 square feet in Seattle and 500,000 square feet in Portland. Los Angeles, Denver, Dallas and Houston also saw large occupancy gains.
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