Office rent decline slows nationwide

While Manhattan office leasing activity is strong, office rents are just beginning to stabilize nationwide, according to property research firm Reis. Third-quarter data shows that rents fell at their slowest pace in over a year, suggesting that, while vacancies are still around a 17-year high, pricing may be beginning to find its footing, according to Bloomberg News. Average rent per square foot was just 3.6 percent below the amount paid during the third quarter of 2009, which Ryan Severino, a Reis economist, said is encouraging news. “The pace of deterioration has clearly slowed,” Severino said. [Bloomberg]

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