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Tech Leads Office Rebound

Market for office space posts gain for third consecutive quarter.

By Hui-yong Yu, Bloomberg | Updated on July 07, 2011

Amazon.com Inc. drew attention from landlords in March when it leased most of a 36-story downtown Seattle tower built during the recession, a sign that technology job growth would help lift U.S. office rents and occupancies.

“The reduction of big blocks of space is always the first indicator of recovery,” said Patrick Callahan, chief executive officer of Urban Renaissance Group, a Seattle-based commercial real estate developer and investor that manages about 2 million square feet (186,000 square meters) of properties.

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