What’s up in U.S. downtowns? Colliers overview

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U.S. – The office market continued its steady gains in third quarter 2015 as the national vacancy rate declined 30 basis points to 12.7 percent, 70 basis points lower than a year ago, according to Colliers’ U.S. Office Market Outlook 3Q 2015 report.

​Occupancy gains were fueled by stronger absorption, totaling 26.2 million sf, up from 23.1 million sf in 2Q and 17.2 million sf a year ago.

Class A asking rents remain strong in both areas of the U.S. with CBD at $48.62 and suburban at $28.59, posting gains of 6.8 percent and 3.5 percent, respectively, over a year ago.

The office construction pipeline of 105.9 million sf increased slightly from 2Q, with the top seven markets accounting for nearly half of that total at 50.7 million sf. 

This activity is led by New York (11.2 million sf), Houston (10.8 million sf), Seattle (8.6 million sf) and Silicon Valley (6.7 million sf).

National office absorption remained strong in 3Q, totaling 26.2 million sf — a 3.1 million-sf gain over the prior quarter and 8.9 million over this quarter last year.