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U.S. office market continues to spiral down: report

Ilaina Jonas Reuters
U.S. office market continues to spiral down: report - Office market - Office Property - Housing Crisis - Commercial Property - United States

NEW YORK (Reuters) - The U.S. office market vacancy rate reached 15.9 percent in the second quarter, the highest level in four years, and rent fell by the largest amount in more than seven years as demand remained weak, according to a leading real estate research firm.

"It's bad," Reis Inc director of research Victor Calanog said. "It's decaying and getting worse. Given the depth and magnitude of the recession, you can argue that we are facing a storm of epic proportions and we're only at the beginning.

The average weighted U.S. office vacancy rate rose by 0.70 percentage point during the quarter and by 2.7 percentage points compared with a year earlier, according to a Reis report released on Tuesday.


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