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US office vacancies have fallen in the fourth quarter of 2011.
The vacancy rates in commercial properties across the USA fell by 0.3% during the final quarter of last year compared to 12 months earlier, signalling a strong end to what has been a relatively good year for the American office market.
American office space vacancy has decreased further in the final quarter of 2011, meaning that widespread reports of a a flailing office market in the USA have had cold water poured upon them.
According to a report by Reis, vacant commercial property office space declined from 17.6% to 17.3% between the final quarters of 2010 and 2011, with a 0.1% decrease between the third and fourth quarters of last year.
It means that the office roster has seen an increase in taken office space and has seen the lowest vacancy rates across the nation since the final quarter of 2009.
Victor Calanog of Reis said: “After four quarters of squeezing out gains in occupancy, the office sector has assuredly turned the corner and begun the process of recovery.
“Still, given the severity of the last downturn and the lackluster pace of economic growth, it will be years before the office sector climbs out of the hole,” he added.
The report by Reis states that approximately 2.43 million square feet of office space was acquired and used during the fourth quarter of 2011, meaning that in total there was 12.3 million square feet of commercial office space being used during the previous 12 months. This was the smallest total rise in annual office space for over 15 years.
