CHICAGO—During the second quarter, the US office sector reacheda milestone on its road to a true recovery, according to a newresearch by JLL. Although office users andlandlords reported a lot of activity, it was perhaps moresignificant that increased velocity was seen in markets far beyondthe gateway cities and areas like New York, San Francisco andSilicon Valley.
“First and foremost, we saw in the second quarter about14-million-square-feet of net absorption,” JohnSikaitis, JLL's managing director for local markets andoffice research, tells GlobeSt.com, a boost of about 38% from thesecond quarter of last year. Overall, tenants leased61.9-million-square-feet of space during the second quarter.
“A year ago, we were seeing the tech-heavy areas andenergy-dependent cities like Houston generating most of theabsorption,” he adds. But even though these areas have continued tosoar, “the overall geographic diversity has greatly improved, withmany other markets making contributions.”
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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.
