Industry News

U.S. Office Market Recovery Continues

May 5, 2005

First-quarter findings by Grubb & Ellis Co. reveal advancing recovery

According to a recent market update by Bob Bach, national director, market analysis, at Northbrook, IL-based Grubb & Ellis Co., the U.S. office market advanced further into the recovery cycle during the first quarter. According to Bach, â€œAbsorption beat completions by a wide margin for the fourth consecutive quarter, driving the vacancy rate lower by 50 basis points to end the quarter at 16.3 percent.â€?With robust investor demand, this continued leasing market recovery signals the beneficial impact of the Goldilocks economy on real estate. â€œGrowth is strong enough to propel the leasing market forward, but not strong enough to cause a spike in interest rates that could derail the investment market,â€? says Bach.This information was provided by Northbrook, IL-based Grubb & Ellis Co. For more information, visit (www.grubb-ellis.com) or contact the company by calling (800) 877-9066.