Office Rents Decline as
Vacancies Edge Up
U.S. office-vacancy rates climbed from 16.3 percent to 16.5 percent in this
year's second quarter, while rents slipped 2 percent to a national average
of $21.04 per square foot on an annual basis, Reis Inc. reports.
While the nation's employment woes continue, landlords were heartened by the
amount of "negative absorption"--which occurs when tenants put more space
back on the market for sublease than they rent--falling from 4.2 million sq.
ft. in the first quarter to 2.8 million sq. ft. and the level of new
construction declining as well.
Decreased vacancy rates have been recorded in more and more markets, too,
including such major metro areas as Miami/Fort Lauderdale, San Diego, and
the nation's capital. Brokers caution, though, that a sustained rebound is
not going to happen until more Americans go back to work and the huge amount
of sublease space nationwide starts to be filled.
Source: Wall Street Journal
(07/07/03); Chittum, Ryan
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