1st Quarter 2008 – Office Vacancy and Industrial Availability Rates Increase
Office Vacancy Increases
The U.S. Office Vacancy Index increased from 12.8% to 13.2% in the first quarter of 2008. The national downtown vacancy rate decreased slightly to 10.2% in the first quarter of 2008 compared to 10.3% at year-end. However, the national suburban office vacancy rate increased from 14.2% to 14.9% in the first quarter of 2008.
Industrial Availability Increases
The U.S. Industrial Availability Index increased by 30 bps from 10.2% at year-end 2007 to 10.5% in the first quarter of 2008. New construction was down sharply, from 37.5 million sq. ft. in the previous quarter to 25.6 million sq. ft.
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