Technology companies pushing US office market forward

The office market grew by nearly 4 million square feet.A recent report from property research firm Reis revealed a notable recovery in the U.S. office market.Overall, the market increased by 3.7 million square feet during the year's second quarter, which marks the third straight quarterly increase. Vacancies in nine of the 10 largest markets in the country either fell or were unchanged during the three months ending in June. Furthermore, vacancies fell in nearly half of the 79 metropolitan markets surveyed by the New York-based company.Experts have pointed to the increased amount of space technology companies have been purchasing as a reason for the continued made news recently when it leased almost all of a 36-story building in downtown Seattle, which was built during the recession.”The reduction of big blocks of space is always the first indicator of recovery,” Patrick Callahan, chief executive officer of Seattle-based commercial real estate developer and investor with Urban Renaissance Group, told Bloomberg.With Texas being home for 51 of the country's Fortune 500 companies, the office market is a popular sector. Thus, transactions for Dallas and Houston properties have remained healthy.Courtesy of 2M Realty News

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