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Distress is finally coming for the office sector, according to a new analysis of first-quarter data by Moodys’ Analytics REIS.

Vacancies soared in the first quarter of the year, with the national rate rising by 40 basis points to end the period at 18.2% and 15.8 million square feet of occupied stock being removed from the market. Asking rents fell by 0.3% while effective rents dropped by 0.8%.

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