Michelle Matteson

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Development

The office sector peaked in October 2014 at 117.1 million square feet, but construction dropped 9.4 percent in the same period in 2015 and 27.1 percent in October 2016 compared to the same month in the previous year.

National Vacancies

Net absorptions for office markets decreased in all regions in the third quarter of 2017, compared to the same period in 2016. The Northeast registered the most significant drop—down by 73.7 percent—, and the West followed with a 45.3 percent decrease.

Employment Picture

For unemployment, the most significant decline was in the Production occupation with 36.3 percent, followed by Management, Business and Financial (22.9 percent) and Production, Transportation and Material Moving (22.7 percent).

Industrial Demand

The most relevant change came from Fabricated Metal Products, which gained 13 percent since September 2016, but dropped 1.6 percent compared to August 2017.

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Risk Across U.K. Office Assets

The chart illustrates how much specific risk existed in office assets across a number of U.K. cities during the 12-month period ended June 2017.

Industrial Demand

New orders for all manufacturing industries increased year-over-year by 5.8 percent or by approximately 27 billion in August 2017. The most significant increase came from Primary Metals, up by 14.6 percent compared to August 2016 and by 9.6 percent compared to July 2017.