CBRE Jackson issued this report on the Jackson office space market for the 4th quarter of 2014. The vacancy rate for the Jackson market is 21.6%.
Downtown has a vacancy rate of 34.9%. By contrast, Highland Colony has a vacancy rate of 15%. The report states that many older vacant buildings downtown are being converted to multi-family housing. 
My Take:
Fruit basket turnover continues for Jackson office space. Baker Donelson will be moving to the District, opening a lot of space in the Meadowbrook Office Park.
The Baker Donelson space is nice. Expect someone to fill most or all of it. That will create another vacancy. The chain reaction continues until some really old, crappy building is empty.
I’m not sure about all this conversion of downtown buildings to residential space. I wonder how much demand there is for downtown residential space?