Colliers: Office Market Still Expanding

The national office market continued to expand in the second quarter, the ninth consecutive quarter of positive market absorption, according to Colliers International, a Boston-based commercial real estate manager.Absorption totaled 30.5 million square feet, up from 19.2 million square feet in the second quarter of 2004, and the national vacancy rate stood at 14.6%, down from 15.1% in the first quarter and 15.9% a year earlier, Colliers said. "Job creation stayed strong during the second quarter, including 'office-using employment' during this three-month period," said Ross Moore, vice president and director of research at Colliers. ".... We anticipate further growth in the third quarter and for the balance of 2005." (Office-using employment refers to employment related to information, financial, professional, and business services.) The company can be found online at http://www.colliers.com.