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Construction Stall Helps Office Vacancies

LOS ANGELES-New research from CBRE shows that most major-market vacancies dipped or at least remained flat in Q1. Depending on the market, the boost has been fueled at least in part, by job creation.

By John Salustri | Updated on March 21, 2013

LOS ANGELES-Denver and San Francisco were the big winners in the Q1 space race, according to new research by CBRE. The first three months of the year were marked by mostly dipping or flat office vacancies. There was a variety of reasons for these market gains including, at long last, jobs, according to Asieh Mansour, CBRE’s Head of Americas Research.

“Although the economic rebound is tepid by historical standards, real estate markets are being helped by a dearth of new construction,” she says in the statement, “which allows excess space to be steadily absorbed. The consolidating federal government sector, however, does provide a drag on the recovery in certain markets.”

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