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A new forecast released by the NAIOP Research Foundation calls for approximately 39.7 million square feet of net absorption of office space in 2017. That is about 10 million square feet per quarter — similar to the 41.4 million square feet actually absorbed in 2016.
NAIOP Office Space Demand Forecast, Second Quarter 2017 report highlights:
“The U.S. office market experienced a healthy Q1 2017, and the office sector is well-positioned for expansion as we continue to see robust growth,” said Thomas J. Bisacquino, president and CEO of NAIOP, the Commercial Real Estate Development Association. “However, the binding constraint to robust net absorption may end up being available space, as more and more markets are short on vacant, high-quality office space for tenants with immediate needs.”
Download the report: naiop.org/officedemand