Commercial real estate market makes slow progress

The commercial real estate market has made some progress.

Many property management companies around the country may have witnessed improvements in the commercial real estate market during the second quarter, according to a report from Jones Lang LaSalle.

Office recovery improved significantly due to gains in absorption from the technology and energy industries, according to JLL's Second Quarter 2012 Office Highlights Report. In total, technology absorbed a net level of 46 percent during the quarter, while the energy sector improved by a net 23 percent. Overall occupancy growth jumped for the ninth-straight quarter, but growth levels are still not as impressive as the same point last year.

"Outside of the technology and energy markets, we're not seeing many segments demonstrating growth," said John Sikaitis, senior vice president of research at Jones Lang LaSalle. "As we move into the second half of 2012, we remain confident the domestic office recovery will continue, be it at a still-continued slow and steady pace."

The report added that vacancy fell to 17.3 percent, which was the lowest level since 2009. Construction levels have not been high when examining the entire country, but many regional markets have picked up steam.

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