News
Will Office Demand Meet Boom?
July 14, 2014
It's been a busy summer for Colliers market analyst Curtis Scott. It's not only because he's in the midst of wedding season (he's attending six ceremonies), but because we're heading into an office boom. Although the vacancy rate downtown climbed to 5.8% in Q2 (versus 4.4% a year earlier), he expects 3.2M SF of new office space to be introduced to the market over the next few years, mostly downtown. There's cautious optimism about the new space, he says, as it's the first real office boom in the last decade. "We're curious to see where the demand is going to come from," he says. Vacancy was more pronounced in the 'burbs, jumping to 12.2% in Q2 from 10.5% in 2013, he adds.
