Office Tenants Taking a Longer View
October 2, 2010
By: Nancy Sarnoff

In one part of town, an oil field service company is consolidating its employees — moving them into smaller office space than they occupy now. In another part, a power company is expanding to accommodate anticipated growth.

While the two businesses have different reasons for moving, they both reflect what's happening in today's soft office market: More tenants are evaluating their space and making moves depending on their circumstances. ...

... Leasing broker Mark O'Donnell has several clients who are scaling back their space - one by more than 100,000 square feet.

"Companies are being very conservative in what they do," said O'Donnell, who works for the Houston office of Studley. ...

...Occupied office space grew by 228,819 square feet in the third quarter, according to the CB Richard Ellis data. The last time that happened was in the fourth quarter of 2008, when absorption reached nearly 1 million square feet.

While expansions are less common these days, some companies are bucking the trend....

Link to article