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Article Excerpt
BOSTON -- Owners of office space should brace themselves for another six to nine months of sluggish demand for space from tenants, according to a survey of top downtown and suburban office markets by Colliers International. Demand for space remains flat, due primarily to the nearly 2,000,000 announced job losses in 2001. Corporate layoffs have resulted in rising vacancies and the resulting downward pressure on rents. These statistics, from the fourth quarter of 2001, are markedly similar to the market indicators of the previous three quarters and are not expected to change until mid to late 2002 at the earliest.
Markets with the greatest rise in vacancy rates include Atlanta (up 3.5 percentage points), San Francisco (up 2.0 percentage points), Chicago (up 4.1 percentage points), suburban Boston (up 4.1 percentage points), Northern Virginia (up 3.6 percentage points),...
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