U.S. Office Market May Have Touched Bottom: Report
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.
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%.