Downtown Office - Spring 2014

Of the 1,563,322 square feet of class “A” multi-tenant office space downtown approximately 13.22% is vacant.  While this is a significant improvement over the 16% of last quarter it is not indicative of a healthy market.  Over the past year, many tenants benefited from reduced rates and landlord concessions to keep tenants.  While many of the “great” deals in office space have been absorbed it remains a tenant’s market.