Reuters – U.S. office vacancy rate inches higher in fourth quarter: Reis

Reis in the News

By Sanjana Shivdas
Source: Reuters – U.S. office vacancy rate inches higher in fourth quarter: Reis

U.S. office vacancy rate rose to 16.7 percent in the fourth quarter from 16.4 percent a year earlier, according to real estate research firm Reis Inc.

Net absorption, measured in terms of available office space sold in the market during a certain time period, dropped to 7.4 million sq ft of office space in the quarter, compared with 7.6 million sq ft a year earlier.

New construction of office spaces declined to 10.4 million sq ft from 12.0 million sq ft.

Both asking and effective rents rose about 3 percent.

“Rent growth has been steady throughout the last eight years, but the rate of growth has barely edged out the rate of inflation,” Reis said.

Read the Full Article >