New 17 Year High...In Office Vacancy Rate

Posted by Expert Gadget Reviewer on Wednesday, 7 July 2010

Well it can't always be optimistic news... An  article from Reuters today reported that according to real estate research firm Reis Inc.,  Q2 - 2010 office vacancies in the U.S. rose to 17.4%, the highest levels since 1993.  

The report went onto state that vacancy rates could still be heading up, with a probable weak 3rd quarter ahead, based on slowing job growth and dropping consumer confidence.

Locally there are still some signs of life, specifically in the Oakland area. Class-A rents in Oakland recently climbed to match Class-A rents in San Francisco. Additionally, nearly all of the 115,000 square feet of downtown Oakland Class-A space vacated in 2008 by American Presidents Lines (APL), has now been filled by various companies.