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US office market vacancy sees five-year high
The vacancy rate of offices in the US…
October 7, 2009 4:51 by kippreport
The vacancy rate of offices in the US reached a five-year high in the third quarter of the year, according to real estate research firm Reis, reports Reuters. The vacancy rate rose 0.6 percentage point to 16.5 percent from the previous quarter and is up 2.3 percentage points from a year earlier, according to the report.
According to the report, the rate increased because of the “unwillingness of tenants to rent,” which in turn led to a sharp increase in the extra space that has heaped onto the market.