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Office Continues 'Slow, Steady Improvement'

CBRE says the biggest quarterly declines in vacancies have been seen in mid-sized, mainly Sun Belt, office markets including Phoenix and Orlando.

By Paul Bubny | paulbubny | Updated on October 09, 2017

Phoenix skyline Phoenix was among the office markets experiencing a decline of more than 100 basis points in offices vacancies during Q3.

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.

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