Office Vacancy Continues to Decline

United States office buildings continue their rise to lower vacancy, especially in technology focused areas. Employers filled up another 8.2 million square feet of office space in the second quarter of 2015 alone. While these numbers represent a record high since the recession, the numbers still lack conviction for strong growth. Between 2005-2007, employers occupied on average 14.9 million square feet of office space per quarter, and at the height of 2007, occupied 36 million more square feet total.

Office space seems to be “highly dependent on the strength of the local economies”. Employers focused in the technology sector have seen the greatest amount of vacancy declines. Fast growing tech companies in cities such as San Jose, San Francisco and Seattle keep opting for more space. Udemy, for example, an education technology startup, has moved 4 times and increased their square footage by almost 9-fold within the last year, keeping up with the growth of their staff. Houston, on the other hand, has been facing a surplus of office space because of crude oil, and has a vacancy rate higher than that of last year.

Click here for the full article from The Wall Street Journal, or click here for more Front Street news.

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Virginia MacKoul

Virginia is a graduate from the University of Florida's College of Design Construction and Planning with a degree in Sustainability and the Built Environment, and a minor in Urban Regional Planning. Virginia joined the Front Street team in 2011, as an intern. Upon graduation, Virginia joined the Front Street team full-time as the Director of Client Services. Ms. MacKoul’s addition furthers Front Street’s continued growth and expansion within Gainesville and other North Central Florida markets. She was promoted to Director of Marketing in 2014 and now manages the firm’s team of interns and oversees all marketing and branding activity. Virginia was born in Boston and moved to Lee County, Florida in 1997. Virginia graduated her high school's International Baccalaureate program and started at the University of Florida with a focus on Architecture. Virginia shares Front Street's passion of giving back to the community and those in need. Virginia's hobbies include photography, cooking, football, movies, music, and spending time with her dog, Brinkley.

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