Office Vacancy Update

Here is the latest Reis data on office rents and vacancy, via Calculated Risk.  In the first quarter, vacancy improved by a small amount, dropping to 17.0% from 17.1%.  Rents increased .7% in the first quarter, the tenth consecutive quarterly increase.  Rents are still nearly 8% below their early second quarter 2008 peak.  New construction is at record lows, and is expected to stay low until vacancy rates fall further.