Trends

  • 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.

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