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Office Market At Its “Healthiest”

LOS ANGELES—The 1Q15 numbers are in, and they show that the office market is the strongest it has been in several years, according to Lee & Associates' CEO Jeff Rinkov.

By Kelsi Maree Borland | Updated on May 08, 2015

LOS ANGELES—“The office market in general is as healthy or the healthiest that is has been in several years,” Jeff Rinkov, CEO of Lee & Associates, tells GlobeSt.com about the stats from the brokerage firm’s 1Q15 reports. The market had a national absorption of 10.6 million square feet, a stark plummet from the 31.3 million square feet absorbed in 4Q14 and even than the 13.1 million square feet absorbed in the same quarter last year; however, Rinkov notes that vacancies in the quarter also fell by another 10 basis points to 10.9%.

“We are seeing true demand for office growth,” says Rinkov. “In urban areas, we are seeing demand for creative office and adaptive reuse for creative office buildings. A driver for both industrial and office is the whole concept of ecommerce. It seems that ecommerce is the tremendous driver for office space and back-office support space. But one of the challenges of the market today is how difficult it will be for office users to find large blocks of space.”

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