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Commercial: Report Shows Rising Office Vacancies As Demand Dries Up For New Space.(Brief Article)
Net absorption in the office sector fell 7.4 million square feet in the first quarter, one among a number of signs of decline in the sector, according to research released by Grubb & Ellis (G & E), a commercial real estate services firm.
The company says that this is "the steepest quarterly decline in occupied space" since G&E began tracking the sector in 1986.
In another sign of deterioration, G & E found that the office sector's vacancy rate for the first quarter was 10.34%, up from 8.86% for the fourth quarter of 2000.
However, these declines should be seen against the backdrop of last year's heightened activity.
Robert Bach, national director, market analysis, remarked, "Although the national vacancy rate increased to double digits for the first time in over a year, it's important to keep everything in perspective. The market has merely moved from conditions too tight to be sustained and where tenants had few options to a more balanced environment. On a historical ...
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- Magazine article from: Los Angeles Business Journal HOLLERAN, SCOTT July 24, 2000 700+ words
...experiencing a dramatic drop in its vacancy rate while once-smoking Burbank and Pasadena...overall Tri-Cities market posted a vacancy rate of 8.5 percent during the second quarter...activity in Glendale, where the office vacancy rate dropped all the way from 16.2 percent...
- Westchester County vacancy rate dips.(Brief Article)(Statistical Data Included)
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Westchester County saw its overall vacancy, rate. dip from 17.3% in the previous...witnessed the largest decline in the vacancy rate compared to the fourth quarter of 2001...quarter of 2002. However, the average vacancy rate of 16.6% for all Westchester County...