U.S. office vacancy rate hits four-year high

The U.S. office vacancy rate increased to 15.9 percent during the second quarter, the highest level in four years, according to research firm Reis. Vacancies hit 16 percent in the first quarter of 2005, and were at 15.2 percent in the first quarter of this year, Reis said. The demand for offices slid for a sixth consecutive quarter, and the amount of occupied space fell by 45.2 million square feet so far this year. Reis estimates that will grow to 67.6 million feet by the end of the year.