Blake Hastings, vice president with Phoenix-based Grubb &Ellis/BRE Commercial LLC, says it could take about one year toabsorb what's under construction. "I think we're in a time in whichwe won't be seeing a growth of 20% a year like we did in 2005, butgrowth will be steady as we eat up the excess space," he tellsGlobeSt.com.
Grubb & Ellis' Q3 report shows a total inventory of 60million sf, with 8.9 million or 14.9% of vacant space. Its researchteam has identified 3.2 million sf that's under construction. TheQ3 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 netabsorption was 224,406 sf for the quarter. The report notes thereis 3.5 million sf under construction.
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