The first trimester of the year closed with a total office inventory of 5.8 million Sq.M in class A+ and A offices. This means an increase of 339 thousand Sq.M.
The first quarter of 2017 saw vacancy move up from 14.2% in the 4th quarter 2016, to 14.3%. Rental rates increased from $24.13 in the 4th quarter to $24.52 this quarter when considering all classes of properties.
18% VACANCY RATE REACHES A THREE-YEAR HIGH
Deliveries Outweigh Net Absorption for 4th Straight Year
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.