Office Vacancy Rates May be
Higher Than Reported
"Hidden space," particularly buildings that are leased and vacant or
occupied and for-lease, could drive vacancies in several submarkets 20
percent to 37 percent higher than reported rates, according to a new report
from CRESA Partners LLC. Marcus Rayner of CRESA's New York office thinks
tenants could benefit from shorter-term leases; negotiations remain
difficult for long-term arrangements.
The first quarter 2003 report says that vacancies for Class-A downtown
space, accounting for sublease space, is at a record 16.15 percent. The
vacancy rate for Class-B downtown, including sublease space, is currently at
16.81 percent. Excluding sublease space, CRESA reports that first-quarter
Class A and B vacancy rates were 11.7 percent and 14.1 percent,
respectively.
Source: Real Estate Weekly
(05/28/03)
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