from Calculated Risk by CalculatedRisk
From the WSJ: Offices Make Slow Recovery
Overall, the amount of occupied space in U.S. office buildings increased by 6.2 million square feet during the quarter, with the vacancy rate falling by 0.1 percentage point to 17.4%, Reis said.
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Average asking rents for office space also have been growing slowly this year and rose by 13 cents to $27.85 a square foot in the third quarter. By comparison, they hit a boom-era high of $29.37 in the third quarter of 2008 and a post-recession low of $27.50 in the third quarter of 2010.
Click on graph for larger image in graph gallery.
This graph shows the office vacancy rate starting in 1991.
Reis is reporting the vacancy rate declined to 17.4% in Q3, down from 17.5% in Q2. The vacancy rate was at a cycle high of 17.6% in Q3 2010. It appears the office vacancy rate might have peaked in 2010 – and has only declined slightly since then.
Reis should release the Mall and Apartment vacancy rates over the next few days.
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