According to a recent report from Reis, Inc, the office space vacancy rate is down only 50 basis points, to 17.1%, since peaking in 2010/2011 at 17.6% during the recession. This is due to sluggish job growth during the recovery. Unfortunately 2013 does not look as though we will see much improvement either. The job forecast shows that the jobs being created are in sectors that do not generally utilize very much office space such as construction, manufacturing, and healthcare. With all of the changes in how businesses are using office space, this could be the new norm for the office space market in the US.
By: James OsgoodOffice Space , Office Space Negotiations , Office Vacancy Rate