The valley’s fragile office market showed a small but significant improvement in the first quarter, reports RCG Economics. There was 39,900 square feet of positive absorption during the first three months of 2012. It marks only the third instance where net absorption has been positive in the last 17 quarters since the end of 2007. In comparison, there was 223,985 square feet of negative net absorption during fourth quarter of 2011. “The market appears to be stabilizing compared to this time last year,” said John Restrepo, principal of RCG Economics. “It’s a good sign that certain product and market niches appear to be stabilizing, but the macro picture remains troubling.”
