U.S. Office Vacancy Rate Set To Soar
February 19, 2009
According to REIS, a market research firm, office vacancy rates in the United States are expected to reach 16.7% this year. REIS’s latest market reports indicate an expectation of 17.6% next year, just shy of the 18.7% vacancy reached in 1992. The vacancy rate as of EOY 2008 was 14.5%.
REIS also expects rental rates to drop about 7.4% this year, and another 3.8% next year.
The vacancy rate next year, if reached, would mark an 18-year high. Retail rents are also tracked by REIS and the anticipation is that retail vacancy rates will reach a 30-year high (as far back as REIS retail data goes).
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