Market Reports

Three quarters of the way through the year, 2019 has been better than expected. DFW growth has continued to increase. DFW still struggles to find labor, and that is the biggest strain on the economy at the present time. There is a true war for talent, and we continue to monitor this closely. Trade tariffs and slowed oil & gas activity continue to be a concern; however, there is enormous interest from coastal markets on the relocation & investment fronts from (New York, Boston, Los Angeles, San Francisco). The economy continues to grow, and we feel the fundamentals for Dallas-Fort Worth are positive and the 4th quarter of 2019 will be exceptional.


Three quarters of the way through the year, 2019 has been better than expected. DFW growth has continued to increase. DFW still struggles to find labor, and that is the biggest strain on the economy at the present time. There is a true war for talent, and we continue to monitor this closely. Trade tariffs and slowed oil & gas activity continue to be a concern; however, there is enormous interest from coastal markets on the relocation front and the investment from (New York, Boston, Los Angeles, San Francisco), the economy continues to grow, and we feel the fundamentals for Dallas-Fort Worth continue to be positive and the 4th quarter of 2019 is expected to be exceptional.


The Denver retail market has been a cyclical winner. Trade area demographics are supporting retail sales, with the metro's superior growth in population, employment, and income increasing buying power.


The Denver office market is in the midst of a moderate rebound. Rent growth slowed sharply throughout 2015 and 2016 as the market felt the full brunt of the collapse in oil prices, and rents at 4 & 5 Star properties briefly turned negative.


Several indicators emerged or firmed over the past year that point to rebounding demand in Denver's apartment market.


A confluence of events has led Denver to become one of the hottest industrial markets in the country. Robust demand in this regional market with a strong local economy is stemming from the growth of retail sales, employment, and industrial production in the metro area and the greater Colorado region.


The first half of 2019 showed little change in the Oklahoma City office market, but what change occurred was fairly positive.   Vacancies fell from 20.1% to 19.3% and absorption of space totaled 128,000 square feet.


Oklahoma City real estate is known for its relative stability and slow but steady growth.  We typically don’t see the cyclical volatility nor the overexuberance of other markets.  The numbers for the first half of the year reflect this even as retail nationally and locally is undergoing transformational change.


Current multi-tenant industrial vacancy for the Oklahoma City metro area now stands at 16.96%, down from 20.31% in mid-year 2018. These swings seem to be the new normal – multi-year strong absorption and rent growth periods followed by multi-year double-digit vacancy and relative quiescence (a kinder term to use around your developer friends than “stagnation”), culminating in eight to ten-year cycles overall.


The second quarter of 2019 continues to show that the market favors the landlord. Vacancy rates held steady in Q2, while asking rents rose from $7.09 in the first quarter, to $7.17 in Q2.


The industrial vacancy rate for the first quarter of 2019 has shown a minimal increase to 5.50%, up 0.02% from Q4 2018, which was 5.48%.


“As we review and analyze 2018 Investments Sales activity and results in Calgary, one quote comes to mind: “Your big opportunity may be right where you are now.” by Napoleon Hill. Though 2018 results are better than 2017 and 2016 investment sales numbers, we still have a long way to go. The arrow, however, is pointing in the right direction.”


“Investors came back to Edmonton’s commercial real estate (CRE) investment market and liked what they saw in 2018. Total dollar volume invested exceeded $2.65 billion, driven by renewed interest in ICI Land, plus strong demand for Multi-Residential properties.”


Overall market occupancy equaled 92 percent at year-end 2018, unchanged from a year ago. This confirms that there has been little overall movement in the aggregate market but belies all the activity behind the numbers. The underlying fact is that retail continues to grow, both nationally and locally. We added 650,000 square feet of space in centers over 25,000 square feet this past year, maintained occupancy, and, for the most part, rents. Much of the pain of the last few years is over – store closings have declined, downsizing is still taking place but at a reasonable rate, and retail layoffs have leveled off.


“Investors are back and active in Edmonton’s commercial real estate (CRE) investment market in a meaningful way. Led by a resurgence of interest in ICI Land and an uptick in demand for Multi-Residential properties and Industrial assets, total dollar volume invested rose by 8% year-over-year.” -- Doug Grinde, Vice President, Barclay Street Real Estate


“Investors are back in Calgary’s commercial real estate (CRE) investment market and their wallets are open. Fuelled by a continued desire for retail assets and renewed interest in ICI and Residential Land, total dollar volume invested rose by 23% year-over- year.” -- George Larson, Vice President, Investment Sales, Barclay Street Real Estate


The first half of 2018 brought expected results for the Oklahoma City Central Business District with increased vacancy due to the addition of the BOK Park Plaza Building to available inventory and negative absorption of 84,000 square feet. However, there are continued signs of improvement in the suburbs as 157,000 square feet was absorbed in those submarkets. The net absorption for the entire market was a positive 73,000 square feet; the first positive absorption total in the past seven semi-annual reports.


AT THE MID-POINT OF 2018, CALGARY’S RETAIL MARKET CONTINUED TO GRAPPLE WITH A FLOOD OF VACANT SEARS RETAIL SPACE THROUGHOUT THE CITY.


The retail market in Portland did not experience much change during the second quarter. With the vacancy rate at 3.2%, net absorption was a positive 83,327 square feet and vacant sublease space increased by 29,737 square feet. There was a slight increase in quoted rental rates, ending at $17.35 per square foot per year. Seven buildings were delivered to the market and 1,129,274 square feet are still under construction.


The second quarter in the Portland Office market ended with a 6.6% vacancy rate. While net absorption totaled a positive 1,160,537 square feet, vacant sublease space increased to 334,810 square feet. The quarter finished with rental rates at $23.81, which remained the same from the first quarter. Five buildings were delivered to the market with 2,503,330 square feet under construction at the end of the quarter.


The industrial vacancy rate for the first quarter of 2019 has shown a minimal increase to 5.50%, up 0.02% from Q4 2018, which was 5.48%.


“As we review and analyze 2018 Investments Sales activity and results in Calgary, one quote comes to mind: “Your big opportunity may be right where you are now.” by Napoleon Hill. Though 2018 results are better than 2017 and 2016 investment sales numbers, we still have a long way to go. The arrow, however, is pointing in the right direction.”


“Investors came back to Edmonton’s commercial real estate (CRE) investment market and liked what they saw in 2018. Total dollar volume invested exceeded $2.65 billion, driven by renewed interest in ICI Land, plus strong demand for Multi-Residential properties.”


“Investors are back and active in Edmonton’s commercial real estate (CRE) investment market in a meaningful way. Led by a resurgence of interest in ICI Land and an uptick in demand for Multi-Residential properties and Industrial assets, total dollar volume invested rose by 8% year-over-year.” -- Doug Grinde, Vice President, Barclay Street Real Estate


“Investors are back in Calgary’s commercial real estate (CRE) investment market and their wallets are open. Fuelled by a continued desire for retail assets and renewed interest in ICI and Residential Land, total dollar volume invested rose by 23% year-over- year.” -- George Larson, Vice President, Investment Sales, Barclay Street Real Estate


AT THE MID-POINT OF 2018, CALGARY’S RETAIL MARKET CONTINUED TO GRAPPLE WITH A FLOOD OF VACANT SEARS RETAIL SPACE THROUGHOUT THE CITY.


At the end of the first quarter of 2018, the industrial market of the Mexico City Metropolitan Area recorded an inventory of 9.6M SQM or 103.7M SQFT of Class A warehouses, concentrated mainly in the Cuautitlan 30%, Toluca 19%, and Tultitlan 17% submarkets.


The Mexico City Metropolitan Area Inventory for Class A+ and A Office buildings closed the 1Q of 2018 with a total inventory of 6.4 M SQM or 69.2M SQFT. This represents an increase of 11% equivalent to 603k sqm or 6.5 M SQFT.


Absorption over the fourth quarter totalled positive 86,000 square feet (sf).


Absorption for the fourth quarter totaled negative 41,000 square feet (sf).


The Beltline market witnessed a net negative absorption totaling 72,000 square feet (sf) during the fourth quarter.


After another quarter characterized by strong leasing activity, the industrial market’s positive trend continued with vacancy decreasing by another 0.50% in the fourth quarter to 6.52%.


Residential Land, Multi-Residential and Industrial sales led Calgary’s commercial real estate investment market in a continued recovery during 2017. Multi-Residential and Residential Land investments both grew more than one-third year-over-year, demonstrating the health and strength of the Greater Calgary Area.


Edmonton’s commercial real estate (CRE) investment market was remarkably stable during 2017, with total dollar volume down just 2.9% year-over-year. There was a game of musical chairs among some asset classes; office investment dominated the year while industrial investment faded. Retail stayed put.


The Mexico City Metropolitan Area Inventory for Class A and A+ office buildings closed the 4Q of 2017 with a total office inventory of 6.3 million square meters. This represents an increase of 10% equivalent to 607 thousand Sq.M.


At the close of the fourth quarter of 2017, the Metropolitan Area of Mexico City’s Industrial Market recorded an inventory of 9.5M Sq.M. of industrial ships class A, mainly in the submarkets of Cuautitlan (19%), Tultitlan (17%) and Tepotzotlan (13%).


At the end of 2017, Calgary’s overall retail market reflected the onset of the economic recovery and benefited from several corporate expansions.


Investors continued to demonstrate interest and confidence in the Edmonton market.


Vacancy in Calgary’s Downtown remained relatively steady over the third quarter of 2017, rising by 0.4% to 25%. Q3 proved quiet in comparison to the preceding 11 quarters, posting negative net absorption totaling Downtown Market Beltline Market 193,000 square feet (sf).


Investors continued to demonstrate confidence in the Calgary market through the third quarter of 2017.



TCN Worldwide's State of the Market: Eastern Edition, 3rd Quarter 2017 Prepared by Hugh F. Kelly, PhD, CRE, Consulting Economist to TCN Worldwide. In this edition: –National and Macroeconomic Overview –Regional Economic Conditions –Commercial Property Investment Trends


The Manhattan office leasing market ended the third quarter with more than 9 million square feet newly leased. The average rental price was $65.70, an increase from Q2. Of note, Landlord incentives provided to Tenants have also expanded and increased.


Absorption totaled 18,745 sq. ft. in the Second Quarter 2017. Solid figures considering the run this market has enjoyed over the past several quarters.


TCN Worldwide's State of the Market: Eastern Edition, 2nd Quarter 2017 Prepared by Hugh F. Kelly, PhD, CRE, Consulting Economist to TCN Worldwide. In this edition: –National and Macroeconomic Overview –Regional Economic Conditions –Commercial Property Investment Trends


The Manhattan office leasing market ended the second quarter of 2017 with a negative absorption of nearly 630,000 square feet, more than 1,000,000 square feet stronger than Q1. The vacancy rate citywide is now 8.2% having ticked downwards by 0.2% almost 1.5% stronger than the national marketplace. Average rents across the Manhattan office market fell to just below $60psf. The pricing correction and significantly lower negative absorption rate indicates a leveling of the office leasing market.


The Greater Harrisburg Market made significant gains in the First Quarter of 2017 as absorption totaled 55,196 sq. ft. As we enter the Second Quarter the suburban markets boast occupancy rates between 92% and 96%. We are encouraged by the increase in activity from our small business users and remain impressed with the outlook for owners of premier properties as opportunities dwindle for first class options.


TCN Worldwide's State of the Market: Eastern Edition, 1st Quarter 2017 Prepared by Hugh F. Kelly, PhD, CRE, Consulting Economist to TCN Worldwide In this edition: –National and Macroeconomic Overview –Regional Economic Conditions –Commercial Property Investment Trends


Markets continued their advance in 2016 as absorption totaled 250,333 sq. ft., its highest total in over 20 years. Since the First Quarter of 2010 the market has gained over 948,000 sq. ft. Rental rates have stabilized and market fundamentals have continued to strengthen.


TCN Worldwide's State of the Market: Eastern Edition, 4th Quarter 2016 Prepared by Hugh F. Kelly, PhD, CRE, Consulting Economist to TCN Worldwide In this edition: –National and Macroeconomic Overview –Regional Conditions in the Central States –Commercial Property Investment Trends


Going forward we expect continued firming of rates, steady demand and further modest improvement in most segments of the Greater Harrisburg marketplace.


TCN Worldwide's State of the Market: Eastern Edition, 3rd Quarter 2016 Prepared by Hugh F. Kelly, PhD, CRE, Consulting Economist to TCN Worldwide In this edition: –National and Macroeconomic Overview –Regional Conditions in the Eastern States –Commercial Property Investment Trends


2016 Q3 | STREET SMARTS (MHP, NYC)

THE NEW YORK CITY ECONOMY has not only kept pace with the national rebound; it has exceeded the U.S. measures throughout this decade. The most recent data, through the 2nd Quarter of 2016, shows New York outpacing the U.S. Gross City Product growth this year 1.7%, versus the national 1.2% rate in the second quarter. The City however, had stunning results in the prior three quarters, growing at 3.2% and 3.1% in the third and fourth quarters of 2015, and at 4% in the first three months of 2016.


TCN Worldwide's State of the Market: Eastern Edition, 2nd Quarter 2016 Prepared by Hugh F. Kelly, PhD, CRE, Consulting Economist to TCN WorldwideIn this edition: –National and Macroeconomic Overview –Regional Conditions in the Eastern States –Commercial Property Investment Trends


Absorption totaled 27,101 sq. ft. in the First Quarter of 2016, solid numbers for a market which had tens of thousands of square feet come on line due to the Deloitte relocation this spring. We continue to remain cautious with our expectations for properties just out of receivership and anticipate potential volatility as new availabilities are introduced to the Suburban West Shore Marketplace.


TCN Worldwide's State of the Market: Eastern Edition, 1st Quarter 2016 Prepared by Hugh F. Kelly, PhD, CRE, Consulting Economist to TCNIn this edition: –Overview of National Economic Context –Regional Conditions in the Eastern States –Commercial Property Investment Trends


TCN Worldwide's State of the Market: Eastern Edition, 4th Quarter 2015 Prepared by Hugh F. Kelly, PhD, CRE, Consulting Economist to TCNIn this edition: –Overview of National Economic Context –Regional Conditions in the Eastern States –Commercial Property Investment Trends


TCN Worldwide's State of the Market: Eastern Edition, 3rd Quarter 2015 Prepared by Hugh F. Kelly, PhD, CRE Consulting Economist to TCNIn this edition: –Overview of National Economic Context –Regional Conditions in the Eastern States –Commercial Property Investment Trends


"As we enter the second half of 2015 we see markets which are continuing to trend towards favorable levels. Buyers are beginning to respond to the Federal Reserve’s hint of an interest rate increase later this September. We see a pronounced increase in the acquisition market and anticipate this activity will continue going forward into 2016."


"Second quarter 2015 continues an ongoing positive trend ... our seventeenth straight quarter of positive absorption."


2015 Q2 | STREET SMARTS (MHP, NYC)

Research and analysis by Hugh Kelly


Three quarters of the way through the year, 2019 has been better than expected. DFW growth has continued to increase. DFW still struggles to find labor, and that is the biggest strain on the economy at the present time. There is a true war for talent, and we continue to monitor this closely. Trade tariffs and slowed oil & gas activity continue to be a concern; however, there is enormous interest from coastal markets on the relocation & investment fronts from (New York, Boston, Los Angeles, San Francisco). The economy continues to grow, and we feel the fundamentals for Dallas-Fort Worth are positive and the 4th quarter of 2019 will be exceptional.


Three quarters of the way through the year, 2019 has been better than expected. DFW growth has continued to increase. DFW still struggles to find labor, and that is the biggest strain on the economy at the present time. There is a true war for talent, and we continue to monitor this closely. Trade tariffs and slowed oil & gas activity continue to be a concern; however, there is enormous interest from coastal markets on the relocation front and the investment from (New York, Boston, Los Angeles, San Francisco), the economy continues to grow, and we feel the fundamentals for Dallas-Fort Worth continue to be positive and the 4th quarter of 2019 is expected to be exceptional.


The first half of 2019 showed little change in the Oklahoma City office market, but what change occurred was fairly positive.   Vacancies fell from 20.1% to 19.3% and absorption of space totaled 128,000 square feet.


Oklahoma City real estate is known for its relative stability and slow but steady growth.  We typically don’t see the cyclical volatility nor the overexuberance of other markets.  The numbers for the first half of the year reflect this even as retail nationally and locally is undergoing transformational change.


Current multi-tenant industrial vacancy for the Oklahoma City metro area now stands at 16.96%, down from 20.31% in mid-year 2018. These swings seem to be the new normal – multi-year strong absorption and rent growth periods followed by multi-year double-digit vacancy and relative quiescence (a kinder term to use around your developer friends than “stagnation”), culminating in eight to ten-year cycles overall.


The second quarter of 2019 continues to show that the market favors the landlord. Vacancy rates held steady in Q2, while asking rents rose from $7.09 in the first quarter, to $7.17 in Q2.


Overall market occupancy equaled 92 percent at year-end 2018, unchanged from a year ago. This confirms that there has been little overall movement in the aggregate market but belies all the activity behind the numbers. The underlying fact is that retail continues to grow, both nationally and locally. We added 650,000 square feet of space in centers over 25,000 square feet this past year, maintained occupancy, and, for the most part, rents. Much of the pain of the last few years is over – store closings have declined, downsizing is still taking place but at a reasonable rate, and retail layoffs have leveled off.


The first half of 2018 brought expected results for the Oklahoma City Central Business District with increased vacancy due to the addition of the BOK Park Plaza Building to available inventory and negative absorption of 84,000 square feet. However, there are continued signs of improvement in the suburbs as 157,000 square feet was absorbed in those submarkets. The net absorption for the entire market was a positive 73,000 square feet; the first positive absorption total in the past seven semi-annual reports.


The past twelve months have seen a rise in multi-tenant industrial vacancy from 17.63% in 2017 to 20.13% in 2018.


The second quarter saw a slight increase in vacancy from 6.3% in Q1, to 6.4% in Q2, indicating that the market continues to move forward at a healthy pace.


Bradford Allen is pleased to share with you our 2018 first quarter office market report.This quarter in the downtown market:• Office market activity in River West is officially tracked as the most recent submarket to join the CBD. • Net absorption was positive 720,640 sf. • The direct vacancy rate dropped to 11.85% from 12.1%, and the average gross asking rent decreased to $39.38psf from $40.69psf, both compared to the previous quarter.


Vacancy for Q1/2018 remains at 6.3% and rates were largely unchanged for industrial, with a slight increase from $5.88 SF in Q4/2017 up to $5.92 SF at the end of the first quarter. Demand continues to outweigh supply and the majority of submarkets continue to experience low vacancy rates.


Retail Market Forecasts Continued Growth


Office Market Sees Vacancy Rates Rise Slightly.


Multifamily Market Closes 2017 on a High Note.At the beginning of 2017 most said it was the beginning of the inevitable slowdown; however, as we roll into a new year and look back at our forecast, the market ended up right where we expected. 2017 was not only a solid year in terms of investment activity, it was also a strong year from the owner/investor side. We experienced positive sales volume growth, positive rental growth and even managed to push the occupancy a little higher, a multifamily trifecta. Although the year started off a little shaky with many reports citing pressure on rents and occupancies, the rebound in Oklahoma’s economy was a welcome boost pressing the multifamily market forward.


Chicago’s suburban office market suffered its fair share of hits over the past few years but seems to be on an upward trend.


As 2017 closed out, Chicago’s downtown employment base was growing and the economy was largely still in expansion mode from the last serious contraction in 2010.


Lack of product for sale continues in Q4 2017. Market analysis showed that Sales Volume for industrial real estate in the Chicago market was down to $728 Million in the 4th quarter, the lowest Q4 volume since 2014.


The Upper Tollway Sub-Market has consistently been one of the main hubs of office real estate activity in Dallas. With relocations of large corporate campuses, such as Toyota, Fannie Mae, Liberty Mutual, and JP Morgan Chase, the area is becoming even more appealing as the influx of developers continue to attempt to capitalize on the enticing market. This recent construction has resulted in a surprisingly large vacancy rate for a market with such an “awe factor.”


This Richardson/East Plano Submarket covers the I-75 corridor from Walnut Street to Hedgcoxe Road and includes central Plano up to Sam Rayburn Tollway to the North until Alma Road when it drops down to Hedgecoxe Road and Coit Road to the West. The included statistics cover Class A and B office buildings that have more than 50,000 square feet and are either under construction or existing. With more large companies looking to relocate and consolidate to the Dallas suburbs, the Richardson/East Plano Sub-Market provides a valuable option with several large blocks of space still available.



The Denver retail market has been a cyclical winner. Trade area demographics are supporting retail sales, with the metro's superior growth in population, employment, and income increasing buying power.

The Denver office market is in the midst of a moderate rebound. Rent growth slowed sharply throughout 2015 and 2016 as the market felt the full brunt of the collapse in oil prices, and rents at 4 & 5 Star properties briefly turned negative.

Several indicators emerged or firmed over the past year that point to rebounding demand in Denver's apartment market.

A confluence of events has led Denver to become one of the hottest industrial markets in the country. Robust demand in this regional market with a strong local economy is stemming from the growth of retail sales, employment, and industrial production in the metro area and the greater Colorado region.

The retail market in Portland did not experience much change during the second quarter. With the vacancy rate at 3.2%, net absorption was a positive 83,327 square feet and vacant sublease space increased by 29,737 square feet. There was a slight increase in quoted rental rates, ending at $17.35 per square foot per year. Seven buildings were delivered to the market and 1,129,274 square feet are still under construction.

The second quarter in the Portland Office market ended with a 6.6% vacancy rate. While net absorption totaled a positive 1,160,537 square feet, vacant sublease space increased to 334,810 square feet. The quarter finished with rental rates at $23.81, which remained the same from the first quarter. Five buildings were delivered to the market with 2,503,330 square feet under construction at the end of the quarter.

The second quarter has come to a close with a vacancy rate of 3.7%. Net absorption totaled a positive 713,455 square feet and vacant sublease space increased. Rental rates increased to $8.16 and nine buildings were delivered to the market. Those nine buildings totaled 552,369 square feet and 4,846,902 square feet remain under construction at the end of this quarter.

TCN Worldwide's State of the Market: Western Edition, 3rd Quarter 2017 Prepared by Hugh F. Kelly, PhD, CRE, Consulting Economist to TCN Worldwide. In this edition: –National and Macroeconomic Overview –Regional Economic Conditions –Commercial Property Investment Trends

TCN Worldwide's State of the Market: Western Edition, 2nd Quarter 2017 Prepared by Hugh F. Kelly, PhD, CRE, Consulting Economist to TCN Worldwide. In this edition: –National and Macroeconomic Overview –Regional Economic Conditions –Commercial Property Investment Trends

TCN Worldwide's State of the Market: Western Edition, 1st Quarter 2017 Prepared by Hugh F. Kelly, PhD, CRE, Consulting Economist to TCN Worldwide In this edition: –National and Macroeconomic Overview –Regional Economic Conditions –Commercial Property Investment Trends

The Denver retail vacancy rate decreased in the fourth quarter, ending the year at 4.6%. Overall, the retail market has seen a decrease in vacancy rate, with the vacancy rate starting at 4.9% in Q1 2016, to 4.8% in the end of Q2 2016, remaining 4.8% at the end of Q3 2016, down to 4.6% in Q4 2016.

The Denver industrial vacancy rate slightly increased in the fourth quarter, ending the year at 4.8%. Specifically, both industrial-flex projects and warehouse projects experienced an increase in vacancy over the last quarter but slightly fluctuated throughout all four quarters.

The Denver office market ended the year with a vacancy rate of 9.8%. The market continued its upward climb in vacancy for the second consecutive quarter after six quarters that consistently posted a decrease.

TCN Worldwide's State of the Market: Western Edition, 4th Quarter 2016 Prepared by Hugh F. Kelly, PhD, CRE, Consulting Economist to TCN Worldwide In this edition: –National and Macroeconomic Overview –Regional Conditions in the Central States –Commercial Property Investment Trends

The Denver office market experience an upward tick in vacancy for the first time in 6 quarters during the third quarter of 2016. CoStar reported the third quarter vacancy rate at 9.6%. It was also reported that rental rates decreased slightly to $24.94 in Q3 2016 from a reported $25.11 the previous quarter. Net absorption for the overall Denver office market was a negative (29,698) comparing to a positive 754,222 square feet at the end of Q2, and a positive 722,380 square feet in Q1 2016.

The overall Denver industrial vacancy rate ended the third quarter at 4.5%, remaining exactly the same as the previous quarter. More specifically, both industrial-flex projects and warehouse projects experienced a slight increase in vacancy over the last quarter. Vacant sublease space increased dramatically, to 987,082 square feet from 618,165 square feet the previous quarter. Currently there are 4,559,050 square feet of industrial buildings under construction, having had a total of 8 buildings delivered to the market totaling 616,142 square feet during Q3 2016.

The Denver retail market did not experience much change in the third quarter compared to the previous quarter. There was positive absorption of 414,201 square feet from a positive 528,879 square feet in the second quarter 2016. Vacancy rates remained steady at 4.7% quarter-over-quarter.

TCN Worldwide's State of the Market: Western Edition, 3rd Quarter 2016 Prepared by Hugh F. Kelly, PhD, CRE, Consulting Economist to TCN Worldwide In this edition: –National and Macroeconomic Overview –Regional Conditions in the Western States –Commercial Property Investment Trends

TCN Worldwide's State of the Market: Western Edition, 2nd Quarter 2016 Prepared by Hugh F. Kelly, PhD, CRE, Consulting Economist to TCN WorldwideIn this edition: –National and Macroeconomic Overview –Regional Conditions in the Western States –Commercial Property Investment Trends

As we enter the fifth year of the latest "tech boom," there are some pretty compelling signs that the "party is almost over."