The Real Deal Miami

U.S. office vacancy hits four-year high

July 29, 2009 01:35PM

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