The market for office space, which has been hard hit by widespread job losses, is beginning to show improvement. The amount of occupied space increased for the first time in nearly three years during the fourth quarter of 2010, reports The Wall Street Journal. And average rents rose by 0.2% in the quarter, the first uptick since the second quarter of 2008, according to Reis Inc., which researches the national office market. The market is still hurting, with a vacancy rate of 17.6%, the worst since 1993. And average rents are at $22.09 per square foot, well below the highs of more than $25 per square foot that occurred in mid-2008.
This week’s poll question: Is the Baton Rouge office market improving?
