Early warning signs indicate that suburban office markets are becoming overbuilt, according to a study by Cushman & Wakefield, a real estate service firm.
The national suburban vacancy rate rose to 11.4% in the first quarter from 11.3% in the last quarter of 1997, the first quarter-to-quarter rise since the fourth quarter of 1990.
The increase is attributable to new construction in suburban markets, the study states. Cushman & Wakefield says 50 million square feet of space is under construction in the suburbs; 5.2 million square feet was completed in the first quarter, almost equal to the 5.8 million square feet for all of 1996.
San Francisco City & County Employees' Retirement System is planning to issue RFPs June 1 for a plan administrator for the system's $591 million 457 deferred compensation plan. Selection of finalists is expected at the end of July, and a hiring is expected in early September. Hartford, the existing plan administrator, is expected to compete. Watson Wyatt is assisting.