10/07/09 Stockholm, Sweden – Hopefully you’re not betting on a quick turnaround in commercial real estate.
Office vacancies in the United States have just risen to a five-year high due to the poor economy. Businesses that have been slashing jobs are now also ditching the empty office space left behind.
The office vacancy rate has increased from 13.7 percent a year ago to a current rate of 16.5 percent. Over the same period of time, the rates charged for rent have fallen 18.5 percent, the most precipitous decline in 14 years.
More specifics available from Bloomberg fully flesh out the poor outlook for commercial real estate.
Rocky Vega
Rocky Vega is publisher of Agora Financial International, where he advances the growth of Agora Financial publishing enterprises outside of the US. Previously, he was publisher of The Daily Reckoning, and founding publisher of both UrbanTurf and RFID Update -- which he ran from Brazil, Chile, and Puerto Rico -- as well as associate publisher of FierceFinance. Rocky has an honors MS from the Stockholm School of Economics and an honors BA from Harvard University, where he served on the board of directors for Let’s Go Publications, Harvard Student Agencies, and The Harvard Advocate.
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