REAL barometer of the future in Real Estate
Office vacancies hit 16-year highs
Office vacancy rates are now at their highest level in 16 years, according to a report published Monday, as elevated unemployment levels across the country continue to temper the demand for space.
1. This is the REAL barometer of the future in Real Estate!
2. Employees fill the vacant offices= JOBS
3. You have to have a job to buy a home!
4. Any hype of a bottom in the Real Estate market is just that.
5. How can we have a decent housing market without jobs?
6. When office space shows some improvement in vacancy rate we will then begin to see the bottom in housing
7. Don’t get caught in the hype!
Roughly 700 million square feet, or 17.2%, of the more than 4 billion of available office space nationwide was unoccupied as of the end of March, according to the real estate research firm Reis. The last time office vacancies were this high was in 1994.
The number of empty offices has been on the rise since the start of 2008, as soaring unemployment and a wave of business failures have crushed commercial real estate.
The trend however, has not just been isolated to those parts of the country that have been particularly hard hit by the recession.
In fact, nearly three-quarters of the country's major metropolitan areas experienced an increase in office vacancies in the first quarter of 2010.
