Thank you for sharing!

Your article was successfully shared with the contacts you provided.

During the recent 2008-2010 downturn, office vacancy climbed to 18%, which is not far from previous highs in 1992 and 2002. Given the unprecedented level of job losses in the Great Recession, 2.3 million office-using jobs and 8.4 million total jobs, the office vacancy rate should have risen far more. The more moderate downturn was due to two important factors. One, going-in vacancy rates that were relatively low, especially compared to the late 1980s (12.3% as of YE 2007 vs. 18.9% as of YE 1989) and two, going-in construction that was also significantly less (55 to 60 million square feet in 2006-2007 vs. 120-13 million square feet in 2000-2001 and 130-140 million square feet in 1988-89).  

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.