CHICAGO—The statistics generated by Colliers International for its latest quarterly report on the US office market present a picture of broad-based health. Furthermore, experts from the firm say that, barring any unforeseen event, the sector will continue to grow steadily and that caution among lenders and developers will stop the market from growing too exuberant.

"Most of the markets that we are in are tightening up and moving toward landlord-friendly conditions," Alain LeCoque, a Chicago-based principal with Colliers, tells GlobeSt.com. Only 20% of the US metros examined by the firm saw a rises in vacancy. And office absorption remained strong in the third quarter, totaling 26.2 million square feet, a 3.1 million square foot gain over the second quarter and up from 17.2 million square feet a year ago.

The tech boom has certainly provided some extra fuel and, as reported in GlobeSt.com, many cities outside Northern California and the other top coastal markets have benefited. But LeCoque says the broad-based strength in the office market has several other sources as well. He points to Omaha, NE, as a good example of what is happening throughout the country. "The market continues to tighten and it's driven by companies that want to be more urban so they can have access to the young people who no longer want to live way out in the suburbs."

But Colliers found that class A properties in the suburbs were also faring well. In fact, the suburbs saw more absorption than CBDs in the third quarter. "CBDs absorbed 7.1 million square feet, a dip of 8.5% from the 7.7 million square feet absorbed in the second quarter and 18% from the 8.7 million square feet a year ago," according to the report. "In contrast, the suburbs tallied 19 million square feet of positive absorption, jumps of 23% and 140% from the prior quarter and year."

And significantly, most suburban regions from across the country, including many in the Northeast and Midwest, put in solid performances, a big change from the recent past when it was mostly suburbs in the South and West that did well.

Class A rents continue to increase at a healthy clip, although the suburbs still have a long way to go to match the CBDs. Asking rents in US downtowns hit $48.62, versus $28.59 in the suburbs, gains of 6.8% and 3.5%, respectively, over a year ago. The big gains for the CBDs explains why developers have launched new office towers in cities like Chicago. As for the suburbs, LeCoque believes "it's a stretch to say that most have recovered enough to see new development."

Perhaps the most impressive statistic found in the new Colliers report is that 30 of the metro areas studied now have vacancy rates below 10%, the most that LeCoque has seen in many years. Does this mean the market will go through a boom and bust cycle similar to one in 2008 and 2009? LeCoque does not think so, mainly because in all markets, with the possible exception of Houston, which was hit by the plunge in oil prices, demand has stayed ahead of new supply.

"It's much harder to be a tenant rep these days," he says, "landlords are becoming increasingly firm in negotiations and I think that will last for a few years at least."