Vacancy rates in the northwest submarket are rising andlikely tohit 14.2% at year-end, up from 13.3%at mid-year. That rate goes to15.7% if all of the sublease space is considered, the reportnotes.
The absorption was a negative 17,887 sf for the year despite nosignificant newdevelopment coming online. Even so,rental rates havestayed steady across all propertyclasses, according to thereport.
Office space users continue to flock to the boomingMaple Grovearea, as tenants follow the samepath previously taken by retail andresidentialdevelopers. Stronger demand in the Maple Grove areawillhelp keep vacancy rates fairly steady across thesubmarket the firsthalf of next year, the report predicts.
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