U.S. office vacancy hits four-year high

U.S. office vacancy hit a four-year high at the end of the second quarter, according to statistics released today by Cushman & Wakefield. Central business district vacancy rose to 13.7 percent at the end of the quarter from 12.5 percent at the end of March. The vacancy rate last hit 13.7 percent in the second quarter of 2005, according to Cushman & Wakefield. But the rate is still lower than the 10-year high of 15.5 percent in the second and third quarters of 2003. Overall leasing activity declined 19 percent in the second quarter this year. Overall average asking rents have dropped to $38.25 per square foot from $39.50 per square foot at the end of the first quarter. TRD