Nationwide office vacancy decreases for fourth consecutive quarter

TRD New York /
Jul.July 15, 2011 09:32 AM

National office vacancy has fallen for the fourth consecutive quarter since peaking at 16.8 percent, according to a July analysis from CB Richard Ellis, cited by Reit.com. In the second quarter the vacancy rate reached a low of 16.2 percent, with the majority of nationwide commercial real estate sectors benefiting from gradually improving economic conditions.

Overall, vacancy declined in 34 of the 57 local markets tracked by CBRE in the second quarter and fell 20 basis points for downtown and suburban office markets — 13 percent for downtown and 18 percent for suburban. Markets that included a mix of technology, professional and business firms were top performers.

Similarly to the first quarter of 2011, the report noted that markets hit hardest by the recent economic downturn such as Florida were also among the best performers in the second quarter, as tenants benefited from low leasing rates.

“The property sectors outside of retail are benefiting from the modest pace of economic recovery and muted construction activity,” Asieh Mansour, head of Americas research for CBRE, said. [Reit.com]


Related Articles

arrow_forward_ios
(Getty)

Manhattan retail asking rents fall to nine-year low

Manhattan retail asking rents fall to nine-year low
MetLife Building and Matt Van Buren, CBRE’s tri-state president (Getty, CBRE)

CBRE closes 2 offices, expands presence at MetLife HQ

CBRE closes 2 offices, expands presence at MetLife HQ
Clockwise:  CBRE's Michael Remer, Richard Hodos and Joel Stephen with the Wizarding World Building at 935 Broadway (Images via CBRE)

CBRE’s Hodos and other Muggles win REBNY award for Harry Potter deal

CBRE’s Hodos and other Muggles win REBNY award for Harry Potter deal
(iStock)

Look out below: Major real estate services firms brace for falling earnings

Look out below: Major real estate services firms brace for falling earnings
Brookfield Property Partners' Brian Kingston, Silverstein Properties' Larry Silverstein and Empire State Realty Trust's Anthony Malkin (Getty)

Real estate firms lead cautious return to NYC offices

Real estate firms lead cautious return to NYC offices
Hana CEO Andrew Kupiec, The Real Deal's Hiten Samtani and Hana's EVP of Occupier Solutions Georgia Collins

The REInterview: How flex space could upend supply-demand dynamics in the office market

The REInterview: How flex space could upend supply-demand dynamics in the office market
Matthew James (Credit: ABC)

First black “Bachelor” for ABC comes from real estate world

First black “Bachelor” for ABC comes from real estate world
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...