- Office space vacancy rate at 17.1% in Q3 vs 17.2% in Q2
- Effective avg asking price for rent +0.3% y/y
This comment basically sums up every part of the US economy, from Reuters:
“The office market is not going to move in the right direction until the labor market starts to move in the right direction,” Severino said. “Nobody is going to lease space until they’re hiring, and nobody is going to hire until they feel more confident about the direction of the economy.”
Calculated Risk has a chart showing how persistently high vacancy has remained.
