The U.S. office market may have touched bottom, with rents stabilizing, according to real estate research firm Reis Inc.
The vacancy rate hit a 17-year high in the third quarter, Reuters reported. Still, the rate rose by just 0.1 percentage point from the previous quarter, while effective rent was little changed at $22.05 a square foot, suggesting the worst may be over with.
"If we're not there yet, we're pretty close," said Reis economist Ryan Severino.
The vacancy rate has been rising since the third quarter of 2007, when it a cyclical low of 12.5%. In the third quarter of 2010, the rate was 17.5%.