It hadn't topped 20% before in the 22 years the firm has been tracking the market, according to the Seattle Times. Grubb & Ellis pegged the fourth-quarter rate at 18.9%. Colliers International said it was 17.6%.
Whatever the number, all brokerage firms agreed that empty office space increased between 2 and 3 percentage points from the previous quarter. And all agreed the rate has nearly doubled over the past year, driving down what landlords are charging tenants for new leases.
To read the complete Seattle Times article, online, click here.
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