U.S. Office Market Sees Absorption Rates Eclipse 2010 Levels by More Than 75 Percent

CHICAGO, IL – October 20, 2011 – (RealEstateRama) — The U.S. office market absorbed approximately 9.4 million square feet of space in the third quarter of 2011, bringing the year-to-date total to more than 24.5 million square feet, eclipsing 2010 levels by more than 75 percent. While vacancy levels continue to decline, the lack of job creation could spell a future slowdown in occupancy growth as average job gains have decreased to less than 40,000 jobs created per month since April 2011, according to Jones Lang LaSalle’s Third Quarter 2011 United States Office Outlook. Jones Lang LaSalle’s quarterly outlook tracks 43 U.S. markets and provides an overview of supply and demand, pricing conditions, a statistical analysis and an outlook on future performance.