Office Vacancy Rate Hits New High

The office vacancy rate in the United States reached 17.2 percent in the first quarter, the highest since 1994, according to research firm Reis Inc.

The rate was 2 percent higher than it was a year ago, Asking rents fell 4.2 percent and effective rent was down 7.4 percent from a year ago.

Reis analysts said they expected that rents will continue to decline and vacancies rise through 2010 and probably 2011.

But over the long term, Reis points out that tight credit markets have slowed office construction. This year, only 3.6 million square feet of new office space will be added, the lowest number of completions since Reis began keeping track of this data in 1999.

Source: Reuters News (04/05/2010)

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