US office rents declined 9% in 2009, according to a Wall Street Journal article quoting Reis Inc. data. Reis Inc. also reported that the national office vacancy rate climbed to 17% in the fourth quarter of 2009.
According to the article, New York office rents registered the largest decrease of almost 20% in the fourth quarter of 2009 among the 79 cities covered by the Reis Inc. data.
However, New York, with an average effective rent of $45 per square foot, maintained the top position as the most expensive US office market, followed by the Washington, D.C. office market, where effective office rents averaged $42 per square foot in the fourth quarter of 2009.
San Francisco, Boston and Los Angeles, with average effective rents of $30, $30 and $27 per square foot, respectively, complete the list of the five most expensive office markets in the US in the fourth quarter of 2009.
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