After a sluggish first quarter, the US office market saw a return to form in Q2, according to reports from Lee & Associates and Avison Young. The two firms reported declines in vacancy nationwide during Q2, increases in absorption and upward trends in asking rents.
Office markets including New York, Washington, DC, Chicago and Orange County, CA, all reported net gains in occupied space in Q2 after posting negative net absorption in Q1, states the Lee report. That track record helped bring net absorption nationwide to a “healthy” 37.5 million square feet, compared to just 15.2 million square feet during Q1.