Office market kicks into expansion phase.(Industry Data)

Fourth-quarter office market reports by CB Richard Ellis and the U.S. Census Bureau, which show decreases in office vacancies and increases in office construction spending, marks the beginning of at least a three-year period of expansion in the office market.

The CB Richard Ellis quarterly survey reported that the national office vacancy rate fell to 15.6% at the end of last year from the peak rate of 16.8% in the third quarter. Suburban vacancies fell 1.4 points to 16.8% and the downtown rate dropped 1.0 point to 13.5%. The survey also reported that the square footage