According to Moody's Analytics REIS, office vacancies rose 30 basis points to 17.4% in the third quarter.
Close to 9 million square feet of office space coming online in Q3 helped drive that increase. In 2019, the quarterly average of new office space delivered was 11.8 million square feet.
As vacancies increased, asking rents rose 0.2%, according to Moody's Analytics. However, effective rents fell by 0.2%.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
