Reis: Office Vacancy Rate decreased in Q1 to 16.6%

Reis reported that the office vacancy rate was at 16.6% in Q1, down from 16.7% in Q4 2018. This is up from 16.5% in Q1 2018, and down from the cycle peak of 17.6%. From Reis Economist Barbara Denham: The office vacancy rate fell slightly in the quarter to 16.6% from 16.7% last quarter and 16.5% a year ago. The office vacancy rate had bottomed at 16.3% in Q1 2017. The national average asking rent increased 0.4% in the first quarter while the effective rent, which nets out landlord concessions, increased 0.5% in the quarter. At $33.58 per square foot (asking) and $27.26 per square foot ......(read more)

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