Office Markets Improving

Office and industrial markets nationwide saw increased uptake of space in the second quarter, according to Colliers International, a commercial real estate manager.

As much as 16.3 million square feet of office space was absorbed for the second quarter, up from 13 million square feet for the first quarter, Colliers said.

This represents the fifth consecutive period of positive absorption for office markets.

In comparison, total uptake for 2003 was 27 million square feet, the firm reports.

Colliers now expects that total office market space absorption for 2004 could be as much as 60 million square feet, revising upward its earlier forecast that called for 50 million square feet of absorption.

Ross Moore, vice president and director of research, Colliers International, said, "Healthy gains in job growth during the first half of the year will translate into sustained demand for office space throughout 2004."

Industrial real estate markets also improved in the second quarter, with 38.4 million square feet of absorption, up from 9.8 million square feet during the first quarter.

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