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South Florida

U.S. office vacancy hits highest level in three years

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Office vacancy nationwide rose to 12.5 percent in the first quarter, from 11.2 percent at the end of 2008, reaching its highest level in three years, according to first quarter office market statistics released today by Cushman & Wakefield. Office leasing also dropped 39.3 percent in the first quarter to 10.6 million square feet leased, compared to 17.5 percent year-over-year. Because leasing has declined and available space has increased, average asking rents dropped 2.2 percent. The average asking rent is now $39.50 per square foot, compared to $40.37 at the end of 2008. TRD