- Posted at 2:41, December 23, 2013
- By Quidnunc Staff
U.S. office vacancy rates continue to decline, according to a report by LA-based CBRE Group Inc. today.
The preliminary data shows lower availability in nine of the 13 largest markets, with 11 of 13 showing higher average asking rents.
New York had the lowest office vacancy rate of the group at 8.3% in the fourth quarter.
San Francisco and Boston had the highest increase in average asking rents, at 3% and 2.5%, respectively. Asking office rents in New York increased 1.1% in the third quarter, and Miami showed a slight drop.
CBRE reports that the U.S. industrial market improved under the preliminary fourth quarter numbers, with eight of the 12 largest industrial markets showing lower vacancy. The Northern New Jersey market was mid-pack, at a 9.6% preliminary vacancy rate, down from a final 9.7% third quarter rate.
The CBRE report can be found HERE.