Blake Hastings, vice president with Phoenix-based Grubb & Ellis/BRE Commercial LLC, says it could take about one year to absorb what's under construction. "I think we're in a time in which we won't be seeing a growth of 20% a year like we did in 2005, but growth will be steady as we eat up the excess space," he tells GlobeSt.com.
Grubb & Ellis' Q3 report shows a total inventory of 60 million sf, with 8.9 million or 14.9% of vacant space. Its research team has identified 3.2 million sf that's under construction. The Q3 absorption was 555,719 sf.
CB Richard Ellis' Q3 report pegs inventory at 66.9 million sf, with 8.6 million sf or 12.9% vacant. Its team concluded that net absorption was 224,406 sf for the quarter. The report notes there is 3.5 million sf under construction.
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