Will D.C. Office Market Hold Up?
Thanks to the latest government intervention to prop up the nation’s beleaguered banking system, there is hope that more office space will be absorbed in the nation’s capital. According to the latest report from Cushman & Wakefield, the government has generated 20% of the new leases year-to-date through the third quarter, but overall leasing volume of 4.1 million sq. ft. is still the lowest total in the past 10 years. Overall office vacancies ended the quarter at 7.9% vacancy rate, up just 0.2% from the second quarter.
Grubb & Ellis Snatches One from CBRE
Tom Miller joins Santa Ana, Calif.-based Grubb & Ellis as senior vice president of the company’s office group. Most recently, Miller was a senior vice president in CB Richard Ellis’ Atlanta office. Miller is a 15-year veteran of the brokerage industry, having worked at Landauer, Cushman & Wakefield, Insignia/ESG and CBRE.