Office Market Gains Ground in Q1
By
Ryan Severino, Senior Economist and Director of Research, Reis
The U.S. office market got off to a reasonably good start in 2016, with the national vacancy rate declining by 10 basis points during the first quarter to 16.2 percent, according to Reis’ first-quarter report on the market, which the company released on Monday (with commentary from senior economist and director of research Ryan Severino).
Although that’s a slight deceleration from last quarter’s 20-basis-point drop, it indicates that demand continues to outpace new supply growth. In fact, the national vacancy rate is now down 140 basis points from the cyclical high reached at the end of 2010. The current rate is the lowest vacancy rate since the second quarter of 2009, according to Reis, when it was headed upward…
