With the last three years’ job growth numbers resembling a sideways line more than a incline, office real estate market indicators have been held to similarly less-than-spectacular showings. With an average job growth of 190,000/month through April ’13, office vacancies and rents can only trail and never overtake the leading indicator. On the new product side, construction and new completions are also at low levels, says REIS VP of Research & Economics Victor Calanog. How low? Most remarkable: REIS’s numbers showed onlu 1.7 million square feet of new office space coming online in 1Q 2013, the lowest level of new completions REIS has published on a quarterly basis since they began publishing quarterly numbers in 1999.
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