• More than 100,000 office-using jobs were added to the economy in Q4, bringing the 2016 net gain to approximately 426,000—on par with the annual average since 2010.
  • Following a slowdown in the third quarter, net absorption nearly doubled to 13.0 million sq. ft. in Q4 2016, as both the downtown and suburban markets recorded positive absorption.
  • Completions totaled 9.7 million sq. ft. in Q4 2016, down slightly from Q3 2016 but well above the quarterly average of 6.5 million sq. ft. delivered since 2012.
  • The overall vacancy rate decreased by 10 basis points (bps) to 12.9% in Q4 2016, the lowest level since Q1 2008.
  • Gross asking rent growth reached 6.0% in 2016, the fastest annual rate since 2007.