Will Adams Will Adams is an executive managing director in the Downtown Los Angeles office of NGKF.

LOS ANGELES—Momentum in the office market may be slowing down, according to the 1Q16 report from Newmark Grubb Knight Frank, which shows that office absorption was less than 400,000 square feet in Los Angeles at the beginning of the year. By comparison, the final quarter of 2015 had 1.1 million square feet in absorption, while a year-over-year comparison is more positive, with only 260,000 square feet absorbed in 1Q15. Despite a potential slowdown in absorption and vacancy rates that still float above the previous peak levels, rental rates have remained on a steady upswing. Rates increased $0.02 in 1Q16 to an average of $3.03, significantly higher than 1Q15’s $2.75 rates and the $2.91 highs from the previous peak. Will Adams, an executive managing director in the Downtown Los Angeles office of NGKF talks about this dynamic and what to expect from the office market this year in this exclusive interview.

GlobeSt.com: Do you expect to see a slowdown in the office market this year?

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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