Office market recovery may be just around the corner. (Brief Article)

The recovery in retail construction began late in the fourth quarter of 1992, and the hotel market recovery began during the second quarter of last year. For offices, however, construction levels continue to decline. Since office construction historically has followed retail construction by nine to 12 months, and hotel construction by six months, we would have expected to see a turnaround by now.

But the office construction market lends itself to excesses. And in the 1980s, it became more overbuilt than at any time since the Depression. Recent trends in new office const