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chi-Georgules_Julia (3) Julia Georgules of JLL

CHICAGO—Amid worries about a possible slowdown, office tenants throughout the US seemed to take a bit of a breather in the first three months of the year. But springtime has dispelled those fears, and year-to-date, tenants have absorbed 21.4 million square feet of space, and in the second quarter absorption outpaced the 12.4 million square feet delivered by developers, according to a report released today by JLL.

“I fully anticipated a return to strong leasing activity,” says Julia Georgules, vice president and associate director of US office research, but this return was not just an ordinary seasonal shift. Almost 50% of new leases for 20,000 square feet or more were expansions, and most of the remainder were unchanged. In addition, the tech economy, which provides much of the office sector’s growth, has not slowed. More than 56% of the second quarter’s larger tech leases were also expansions.

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Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

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