Broad-Based Strength in US Office Market

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.