Corfac: Vacancies Decrease Across the Country

ARLINGTON, VA-Vacancies at office and industrial properties have seen a notable decrease across the board over the last quarter, according to locally based Corfac’s quarterly survey covering 52 secondary markets in North America.

The international real estate member firm network’s report concludes that, on the average, the office vacancy rate for the first quarter was 14.45%, compared to 15.48% in the fourth quarter of 2004; the industrial sector saw a decrease from a fourth quarter figure of 11.47% to just 10.54% for the first three months of 2005. And correspondingly, with the decrease in vacancies during the first quarter came an increase in rents.

Vancouver, British Columbia is the market that is suffering the least among the 52 surveyed, registering office and industrial vacancy rates of 3% and 2%, respectively; numbers that are not expected to change, according to Tony Letvinchuk of Macdonald Commercial Real Estate Services/Corfac International in Vancouver.