Phoenix Managed Properties and Development Inc. is working on its third set of office buildings in Tyler, East Texas.

Construction on the new complex started in late September.

Once finished, the building will provide 8,650 square feet of office space.

An agreement has been reached between the Democratic Party of Nevada and the organisation’s landlord over an accusation of unpaid rent.

The owners of the office space, Timothy and Carol Antoku of Honolulu, filed suit last month against the party.

The party said that it had “always intended to settle this debt” and that members were “pleased to have resolved this matter to the satisfaction of both parties.”

In Huntsville, Alabama, Mayor Tommy Battle has introduced a committee of local leaders who are charged with regenerating the area.

The Downtown Advisory Committee will create a long-term plan to attract businesses to the area.

The town currently has 500,000 square feet of vacant office space.

In Sacramento, office space is becoming still more affordable for commercial tenants.

Sacramento Tenant Advisors’ Reid Boggiano said that companies in search of class B or C office space will be able to afford places that would have been out of the question during the economic boom.

As vacancy rates rise and companies consolidate offices, landlords have been forced to drop their prices.

Tom Absher and Dan Putnam, owners of Pacific Plaza in Tacoma, will ask city officials for permission to rent out some of their building as office space rather than retail space.

The building has recently been rennovated from a city owned parking garage to become a multi-purpose commercial property.

Due to the public private partnership between the owners and the city, the authority has some say over the use of the ground floor.

The Menlo Park Council has given the go-ahead to developers to build office space in the area.

San Hill Property Company has been given to regenerate a disused Cadiallac dealership.

The new build will provide 59,000 square feet of office space and 51,000 square feet of retail space.

Victor Calanog, director of research at Reis Inc., has stated that the US office space market has yet to hit rock bottom.

Whilst many commentators have been quick to look for green shoots of recovery, Calanog has said that the worst is not over yet.

“Weakness in rents is not concentrated in just a few cities,” he said, “We have yet to observe clear, systematic evidence that the office market is bottoming out.”

Victor Calanog, director of research at Reis Inc., has claimed that the recession has reversed commercial property market growth considerably.

Calanog said: “In seven quarters, the current recession has almost undone all additions to occupied space that occurred during the years when office rents peaked.”

Calanog also said that the decline in rents accelerated most quickly after the fall of Lehman Brothers.

As commercial property rates reach a five year high, rents paid by remaining tenants have plummeted.

The average rent paid by the US office tenant has dropped on average by 8.5%, the largest year-on-year drop since 1995.

The decline in office space use, leading to the fall in rents, is blamed on sweeping unemployment in offices across the country.

The vacancy rate in the US commercial property market is at its highest for five years.

The national vacancy rate hit 16.5% in the last quarter.

This is up by 2.3% from the same quarter in 2009.