A news story about the rental market for office space in big cities described the market as experiencing a “glut” and quoted a real estate broker as stating, “We are moving into greater opportunities for [office] tenants.”

a. What does the article mean by a “glut”? What does a glut imply about the quantity of offices demanded relative to the quantity supplied? 

b. Is the real estate broker’s observation that the market for office space was moving in a way that would result in greater opportunities for tenants connected to the fact that there was a glut in the market? Briefly explain. 

c. Briefly explain whether the glut in this market is likely to eventually disappear.