U.S. Office Vacancy Highest Since 1994
Office vacancy rate tops 17 per cent.
BY Caroline Cakebread | April 5, 2010
Real estate research firm, Reis Inc., reports that the office vacancy rate in the U.S. has risen to 17.2 per cent — the highest level since 1994. The market lost 11.6 million net square feet of occupied space during the first quarter, two per cent higher than a year ago. Reis director of research is quoted by Reuters: “As labor markets stabilize, we expect occupancies and rents to require another 12 to 18 months before showing signs of improvement, given typical lags in commercial real estate,” Reis director of research Victor Calanog said in a statement. “Even as occupancy continues to deteriorate, we’re observing signs of renewed leasing activity across different metros.” The full article is here.