Significant local office occupancy gains and rent growth will remain elusive for several more quarters, as companies rely on underutilized space in their existing offices to house new hires, said Marcus & Millichap. Through 2012, lenders will continue to clear balance sheets, recognizing the likelihood for soft conditions to persist over the foreseeable future. Prices illustrate the depth of distress in Las Vegas, with the median roughly 70% below pre-recession levels.
