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Mid-Size Office Markets Excel in Q3

LOS ANGELES—CBRE also cites strong performance by suburban office markets during the third quarter; the nation’s lowest vacancy rate is well outside of either San Francisco or Manhattan’s Midtown South.

Skyline of Nashville Nashville’s office vacancy rate was the lowest in the nation during Q3.

LOS ANGELES—Third-quarter office vacancies nationwide remained at their lowest rate since 2008, holding steady at 13.1%, CBRE Group said Monday. In line with a recent pattern, the suburbs outperformed CBDs, and CBRE also cites faster growth in mid-sized markets, such as Nashville, which currently boasts the nation’s lowest vacancy rate at 5.5%.

While vacancies fells 10 basis points to 14.3% in suburban office markets during Q3, CBD vacancies rose 20 bps to 10.7% in the same time period. “Despite their rumored demise, the suburbs continue to perform soundly,” says Jeffrey Havsy, Americas chief economist for CBRE.

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Paul Bubny

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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