The average US office vacancy rate increased from 15.5% in June 2009 to 16.5% in July 2009, according to the latest vacancy data reported by NAR/TWR. According to this data, there were significant variations in office vacancy rates in July 2009 across the 53 largest metropolitan markets, as they varied from 9.7% in Honolulu to 23.6% in Phoenix .
The New York office market had the second lowest vacancy rate averaging 9.9%, followed by Pittsburgh, Long Island, Boston and San Francisco, with vacancy rates averaging between 12% and 13%. The Stamford office market had the seventh lowest vacancy rate of 13.2% followed by Nashville, Philadelphia, Washington and Raleigh, with average vacancy rates between 14% and 15%.
Besides Phoenix, we note the additional 12 markets with the highest office vacancy rates averaging 20% or above. These markets include Atlanta, Austin, San Diego and Sacramento, where vacancy rates in August 2009 averaged between 20% and 21%, Tampa, Las Vegas, Jacksonville and Dallas where vacancy rates averaged between 21% and 22%, and West Palm Beach, Riverside, Detroit, and San Jose where vacancy rates averaged between 22% and 25.5%.
In terms of US office vacancy dynamics, among the 53 markets for which data are reported, ten registered vacancy declines, while the remaining 42 metropolitan office markets registered vacancy increases between June and August 2009.
The Hartford office market registered the largest vacancy drop of 1.9 percentage points (from 19.2% to 17.3%), while the San Jose office market registered the largest vacancy rate increase of 5 percentage points (from 20.5% to 25.5%).
It is also worth mentioning Fort Lauderdale, Tucson, Las Vegas, Phoenix, Riverside, and Seattle as these are the markets in which office vacancy rates increased by two percentage rates or more.
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