• Office-using employment increased by 129,000 jobs in Q1 2017, more than double the number in Q4 2016 when job growth lessened likely due to election-related uncertainty.
  • Overall net absorption totaled 7.2 million sq. ft. in Q1, reflecting continued steady demand.
  • Developers completed nearly 12 million sq. ft. of space in Q1, the second-highest quarterly total since 2009.
  • The overall office vacancy rate ticked up by 10 basis points (bps) to 13.0% in Q1 due to the increase in new supply.
  • Gross asking rent growth slowed to an annual rate of 4.9% in Q1, dropping below 5% for the first time since Q3 2015.