Office development this year has surpassed average development over the past three years, though is still well below pre-recession values.
Growth will continue organically, with new construction in the University Town Center submarket. Speculative development, while not widespread, is taking place in areas with clusters of growing high-tech companies.
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This type of development currently has a vacancy rate of 14 percent. Until vacancy drops below 10 percent developers will not likely construct speculative buildings.
Bess Wakeman, Executive Vice President, Agency Leasing