Building owners and commercial brokers agree that the office market is, at the moment, fragmented into the “haves” and “have nots.” The economic recovery, now featuring job creation as a byproduct of higher corporate profits, is fueling improvement in market conditions in many sections of the country.
A select few markets are faring better than others, and increased tenant demand is starting to place downward pressure on vacancy rates, which could cause office rents to increase sooner rather than later. Yet while commercial brokerage firms are mostly upbeat about leasing activity registered in the first quarter, they offer differing forecasts as to the recovery’s sustainability for the remainder of 2011.
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