Office Market:

The U.S. office market tightened during the third quarter of 2019. However, absorption decelerated compared with the nation’s performance last quarter and was down markedly over the third quarter of 2018. Asking rents rose 2.6% compared with the third quarter of 2018. Vacancy declined 40 basis points over the past 12 months. Approximately 8.9 million square feet of new product delivered during the third quarter of 2019. The amount of space under construction remains robust and is an indicator to watch during the balance of the year. However, overall market conditions suggest the cyclical expansion will continue at least through the end of 2019.

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