Office Market Shows Growth

South Bay office absorption in 1988 will exceed that of 1987 by 400,000 square feet for a projected total of 1.8 million square feet, according to a survey by the Seeley Co.

Construction figures for 1988 will show a slight decline but vacancy rates will increase from 26% in 1987 to 27% for 1988.

“These trends will result in a stabilization of office rents and a decrease in concessions to tenants in higher quality projects,” said Stephen Cramer, vice president and co-manager of Seeley’s Torrance office.