EFTA Document EFTA01388635

5 Office Sector 5.1 Current Conditions Indicators during the last six months show a disciplined and fundamentally strong national office market. Alongside healthy job gains dominated by office-using sectors, the office market showed positive but modest improvement. Vacancy at the end of 2015 was 11.3%. on a par with the previous cyclical trough of 115%''' Effective rents increased 3.8%, slightly Less than in 2014 (see Exhibit 9).27 During the last cycle, as vacancy declined to the 10%- rang