Commercial Real Estate Update. . .

U.S. apartment vacancies near historic high: Highest in 20 years

The vacancy rate for U.S. apartments reached its highest level in more than 20 years. The national vacancy rate rose to 7.5 percent. The record high was 7.8 percent in 1986.

Effective rent was down 1.9 percent from the prior year and 0.9 percent from the first quarter to $975, Reis said.

Article: Vacancies near historic high

US office market continues to spiral down

The U.S. office market vacancy rate reached 15.9 percent in the second quarter, the highest in four years and rent fell by the largest amount in more than seven years as demand from companies and other office renters remained weak, real estate research firm Reis said Inc.

The Reis forecast is for the U.S. office vacancy rate to top out at 18.2 percent in 2010 and for rent to continue to fall through 2011.

Article: US office market continues to spiral down

Strip Mall Vacancy Rate Hits 10%, Highest Since 1992

Reis reports the strip mall vacancy rate hit 10% in Q2 2009, the highest vacancy rate since 1992. Effective rent declined 3.2 percent year-over-year to $17.01 per square foot.

About 7.9 million square feet of space was returned to the market during the quarter. The amount was second only to the 8.1 million square feet in the first quarter. In U.S. regional malls, vacancy rate rose to 8.4 percent, the highest vacancy level since Reis began tracking regional malls in 2000.

“Until we see stabilization and recovery take root in both consumer spending and business spending and hiring, we do not foresee a recovery in the retail sector until late 2012 at the earliest.”

Article: U.S. mall vacancy rate soars, rent dives

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