Commercial Real Estate Market Update Q3 2017
The industrial market as a whole had a strong quarter with an absorption of just under 1,200,000 square feet. Vacancy rates continue their downward trajectory and have fallen to under 9% in the metro area. Currently, there is over 3,000,000 SF under construction throughout the metro.
The outlook for office market is very mixed. Office employment (office using jobs) added 7,000 jobs in the past year. However, because companies are changing how they use space, vacancy in the office market actually increased to almost 18%. There are a few exceptions, but we expect this trend to continue.