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Office Market Outlook | Q1 2021

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U.S. Office Sector Still Faces Challenges Despite Improving Economic Fundamentals

Key Takeaways

  • The U.S. office vacancy rate increased by 100 basis points in Q1 2020, to 14.2%
  • Net absorption surpassed negative 45 million square feet in the first quarter
  • Rents have yet to reflect the rise in vacancy rates
  • Sublease supply reached 200 million square feet for the first time and has risen 65% during the past four quarters
  • Following the flurry of transactions in Q4 2020, sales volume declined by $7.1 billion over the quarter, to $20.5 billion in Q1 2021

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Office Market Outlook | Q1 2021

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Steig Seaward

Senior Director, National Research

Los Angeles - El Segundo

Steig Seaward is the national director of research and oversees the research and GIS teams for the United States. A proven CRE tech leader, Steig brings 25+ years of experience providing research and analysis, product design and customer retention strategies across the information technology and commercial real estate industries.   

Prior to joining Colliers,  Steig spent nine years as the senior research director overseeing research and marketing operations for the east coast region of Grubb & Ellis and more recently was the EVP of Customer Success at Xceligent, a full service-SAAS based commercial real estate information provider.  Steig also served as the national director of Business Development and Client Services during his 13-year career at Xceligent.  In addition, Steig also gained valuable experience as the director of sales for IdealSpot, a demographic and site selection software provider, VP of Technology & Member Services for the Denver Metropolitan Commercial Association of Realtors and began his career as a research analyst for the Resolution Trust Corporation.

Areas of expertise include:

·       Commercial Real Estate Research & Analysis

·       Customer Facing Solution Sales

·       Product Design & Implementation

·       Customer & Employee Curriculum Development and Training

·       SAAS/Subscription-Based Services

·       Customer Success Development

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