US OFFICE VACANCY RATES November 2009

US metropolitan office vacancy rates ranged from 9% to 27% in November 2009, according to the latest report issued jointly by the National Association of Realtors (NAR) and CBRE Econometric Advisors (CBRE-EA).

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In particular, according to the November 2009 NAR/CBRE-RE report, which covers 50 major US markets, metropolitan office vacancy rates ranged from 8.6% in New York, NY, to 26.5% in Phoenix, AZ.

Honolulu, HI, Long Island, NY, Pittsburgh, PA and Stamford, CT, along with New York, NY, complete the list of the top five metropolitan office markets with the lowest vacancy rates, which as of November 2009 averaged 9.4%, 11.9%, 11.9% and 12.4%, respectively. Boston, MA and San Francisco, CA follow in the 6th and 7th position with an average vacancy rate of 13.5% and 14.1%, respectively.

Baltimore, MD, Northern New Jersey (Newark), and Raleigh, NC, complete the list of the ten top markets with the lowest metropolitan office vacancy rates, which as of November 2009 averaged 14.8%, 15.1% and 15.1%, respectively.

Besides Phoenix, AZ, another 14 major markets are reported to have had an office vacancy rate higher than 20% as of November 2009. San Jose, CA, Detroit, MI, Jacksonville, FL, and Riverside, CA follow Poenix, AZ, in the list of the five markets with the highest office vacancy rates, which, as of November 2009, averaged 25.9%, 24.3%, 23.7% and 23.7%, respectively.

Sacramento, CA, Dallas, TX, Tampa, FL, Las Vegas, NV, and West Palm Beach, FL with vacancy rates ranging between 21.2% and 22.8%, complete the list of the ten US office markets with the highest vacancy rates as of November 2009.

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