Colliers: Office Market Lackluster in 4Q

The national office market posted a lackluster fourth quarter as the vacancy rate rose 18 basis points to 12.5%, the first such increase since 2003, according to Colliers International, a Boston-based commercial real estate manager. Vacancies rose from 11.0% to 11.1% in central business districts and from 13.0% to 13.2% in suburban office markets, Colliers reported. "The world looks very different now than it did just three months ago, when we released our Q3'07 numbers," said Ross Moore, senior vice president and director of market and economic research at Colliers. "The economy is showing many signs of slowing, and the December jobs report was well below expectations." The company can be found online at http://www.colliers.com.