LOS ANGELES—Office vacancies declined 10 basis points during the third quarter to a national average of 12.9%, CBRE said Monday. Driving the improvements were suburban markets, continuing a trend seen over the past few quarters.
Specifically, suburban office vacancies shed 20 bps to end Q3 at 14.1%, while for CBDs the quarterly decline was smaller although the 10-bp drop occurred in an office environment where vacancies are already more than 300 bps lower. Downtown office vacancies stood at 10.6% at quarter's end, and CBRE says improvements were seen in a majority of US markets.
“The slow, steady improvement in the office market continued in the third quarter after a second quarter pause,” says Jeffrey Havsy, Americas chief economist for CBRE. “Demand remains positive but modest.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
