According to CBRE Econometric Advisors (CBRE-EA) the U.S. office vacancy rates dropped to 16.2% in the second quarter of this year. This drop, down 20 basis points from the previous quarter, marks the fourth consecutive quarterly decline reports CBRE.
"The property sectors outside of retail are benefiting from the modest pace of economic recovery and muted construction activity," noted Asieh Mansour, head of Americas Research for CBRE. "The retail sector continues to feel the effects of a cautious consumer, hit by rising food and energy prices, as well as elevated rates of unemployment. Mounting competition from online shopping has also hurt demand for bricks-and-mortar retail."
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