Jobs Downtown - Winter/Spring 2004

Office buildings are often maligned and not recognized for their community benefits as houses for jobs and the source of year round  customers for restaurants and retail.  Even during the best markets office buildings are difficult to develop.  Recall that in 1999 three office buildings were planned for downtown; none were developed.  Downtown office vacancy has tightened to about 7% but at $21- $24 full service, rents are well below the $32 full service rates required to support new construction.