Stability is returning to the office market, according to the MidYear Global Office Report from Colliers International.
And as has been the trend, intellectual capital, energy and eduction markets are the strongest drivers of office-using employment growth throughout the year in the United States.
The vacancy rate in this sector improved to nearly 14 percent in the first quarter of 2013, according to Colliers. This marks the fifth consecutive quarter in which the office market has seen vacancy rates fall.
And the office market isn’t just improving in the United States. Markets across the globe have seen office-market improvements, a good sign for the commercial real estate industry.
“Office markets around the world have survived the challenges of a slowing Chinese economy, a mixed American recovery and a European market that is still finding its economic footing,” said James Cook, director of research at Colliers International. “Now, for the first time in several years, we’re experiencing balance on a global level.”
