- New product has been created in the market primarily by owner occupants, which has also affected vacancy due to the building of spec/expansion space and vacating their previous rental spaces.
- The positive absorption experienced in 2000 is the product of expansions by existing tenants and also many new tenants entering the market.
- With no new product in the CBD, rental rates are being pushed upward by increasing demand for limited amounts of space.
- Only one new traditional multi-tenant office property is currently under construction, and it is located in one of the suburban sub-markets. Many small office complexes are, however, being built in the suburban areas and being marketed for both rent or purchase. These are providing an alternative to traditional office space.
- The increased absorption is causing several office developers to plan for new speculative developments. Several purchases of land zoned for office development were made during 2000.
Download the full report
For more information, including the market summary statistics, download the full research report.Download report