WEST

The major markets on the West Coast have held up relatively well, for the most part, but some have fared better than others. One of the stronger economies in the region is San Francisco, driven by healthy employment growth in the technology and professional and business services sectors. Moody’s Analytics forecast the city’s economy would continue on its upward trajectory with employment expanding 2% in 2012 followed by growth accelerating in the mid-3% range through 2014 and 2015.

That bodes well for the office market, says Caroline Green, director of research for Northern California and the Pacific Northwest at Cushman & Wakefield. “Leasing activity, coupled with a lack of space returned to the market, resulted in overall net absorption reaching positive 2.3 million square feet, after three years of negative overall net absorption,” she explains.