The Real Deal Miami

U.S. office landlords struggle

July 03, 2008 02:29PM

Businesses around the country are taking less office space, driving
rents down and giving tenants the upper hand. Office rents, including
landlord concessions, rose .7 percent in the second quarter to $25.16
per square foot, the slowest growth since the second quarter of 2005,
according to Reis Inc., a New York-based real-estate research firm.
Businesses vacated more office space than they took for the second
straight quarter. The national vacancy rate increased to 13 percent, up
from 12.8 percent last quarter.