The record high vacancy rate established during the Global Financial Crisis is "being comfortably put in the rearview mirror," according to Colliers' Steig Seaward in his firm's Q3 US Office report.
The vacancy rate increased by 30 basis points for the second consecutive quarter and sits at 16.7%, putting it 40 bps higher than the previous mark.
The national vacancy rate rose 140 basis points year-over-year and Q3 also marked the fourth consecutive quarter of negative absorption totaling over 70 million square feet.
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