Office Vacancies Continue Their Climb
(April 9) -- For this year's first quarter, Reis Inc. reports that
the U.S. office vacancy rate climbed to 16.2 percent, with demand for space
reduced by economic and political uncertainty and continued job losses. The
New York-based real-estate research firm adds that asking rents dipped 1.3
percent from the previous three-month period to a national average of $25.35
per square foot; effective rents, with landlord expenses factored in, have
plunged 17 percent from their peak in late 2000. Office property owners are
finding that they have no choice but to slash rents and offer more tenant
allowances in order to close lease deals. According to Reis, first-quarter
tenant demand fell 1.2 percent in the country's 50 largest markets,
particularly troubling since demand always continued to grow, if ever so
slightly, in previous real-estate cycles even if vacancy rates were up.
Source: Wall Street Journal
(04/09/03); Starkman, Dean
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