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Office Continues ‘Slow, Steady Improvement’

CBRE says the biggest quarterly declines in vacancies have been seen in mid-sized, mainly Sun Belt, office markets including Phoenix and Orlando.

Phoenix skyline Phoenix was among the office markets experiencing a decline of more than 100 basis points in offices vacancies during Q3.

LOS ANGELES—Office vacancies declined 10 basis points during the third quarter to a national average of 12.9%, CBRE said Monday. Driving the improvements were suburban markets, continuing a trend seen over the past few quarters.

Specifically, suburban office vacancies shed 20 bps to end Q3 at 14.1%, while for CBDs the quarterly decline was smaller although the 10-bp drop occurred in an office environment where vacancies are already more than 300 bps lower. Downtown office vacancies stood at 10.6% at quarter’s end, and CBRE says improvements were seen in a majority of US markets.

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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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