U.S. office market softens in Q2 by ProQuest


The US office market showed continued signs of softening during the second quarter of 2008, as rising vacancies and overall tenant uncertainty helped make for a lackluster midpoint of 2008, according to Colliers International Property Consultants Inc. The slowdown in office space demand is consistent with a more sluggish national economy and job losses, particularly in markets tied to housing or financial services. Nationally, class-A vacancy rates increased half a percentage point in both downtown and suburban markets, while class-B and class-C vacancy rates increased by a more muted 8 basis points, from 13.63% in the first quarter to 13.71% in the second quarter.

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