(Reuters) – U.S. office vacancy rate rose to 16.7 percent in the fourth quarter from 16.4 percent a year earlier, according to real estate research firm Reis Inc.
Net absorption, measured in terms of available office space sold in the market during a certain time period, dropped to 7.4 million sq ft of office space in the quarter, compared with 7.6 million sq ft a year earlier.
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New construction of office spaces declined to 10.4 million sq ft from 12.0 million sq ft.
Both asking and effective rents rose about 3 percent.
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“Rent growth has been steady throughout the last eight years, but the rate of growth has barely...
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