Office occupancy slow to recover
Tuesday, July 10, 2012 Construction
According to a study by real estate research firm Reis, companies added 4.1 million more square feet of office space during the three month period that ended in June, a .12 percent increase.
While the higher rate of occupancy was considered a good sign in terms of hiring, the rate of growth was slower than during previous quarters. The amount of space used by businesses rose 0.18 percent in the first quarter of 2012, an increase of 6 million square feet. Those who helped conduct the study said that the continued slowdown was troublesome and that a more substantial recovery was needed.
"It seems like organizations have really become a lot more skeptical of the future," said Ryan Severino, senior economist at Reis. "There should be more robust recovery at this point,This wasn't a breakneck pace of recovery to begin with."
Signs of a sluggish recovery were recently highlighted after the Labor Department stated that just 80,000 jobs had been added during June. The modest gains meant that the national unemployment rate stayed the same at 8.2 percent.
Content provided by executive search organization, MRINetwork.