Commercial Property Vacancy Rates Continue to Rise
Vacancy rates in the U.S. office, industrial and retail property markets continued to rise in the second quarter of 2009, according to the latest analysis from CBRE Econometric Advisors.
Vacancy rates in the U.S. office, industrial and retail property markets continued to rise in the second quarter of 2009, according to the latest analysis from CBRE Econometric Advisors.
The office vacancy rate increased during second quarter 2009 to 15.5 percent. Both downtown and suburban markets were impacted by the down economy. The downtown vacancy rate increased to 11.7 percent while the suburban rate rose to 17.6 percent.
The largest vacancy increases occurred in markets where the housing bust has been particularly acute, including the Southwest and Florida. However, the increase was broad-based, with 44 out of 57 markets seeing higher vacancy levels during the quarter. The national office vacancy rate remains well below the high of 19.1 percent set in 1991.
The national industrial vacancy rate increased to 13 percent. Industrial vacancy is now at the highest level since 2003. The retail vacancy rate rose to 12 percent.
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