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US Office Vacancy Sees Slight Q1 Climb
Courtesy: CBRE
CBRE Econometric Advisors Chief Economist Jeffrey Havsy
US office vacancy climbed slightly in Q1, inching up 10 bps to 13.2%. And despite the increase, office is still seeing some of the lowest levels since the 2008 crisis.
In fact, vacancy improved in most markets, with rates falling in 33 markets, rising in 25 and remaining the same in five, according to CBRE data.
CBRE expects office to stay strong in 2016, as solid jobs numbers fuel an expanding US economy.
“We expect the US office market to improve in 2016 as the US economy continues to expand, moving closer to full employment and driving demand for office space,” Jeffrey Havsy, Americas’ chief economist for CBRE.
