Second Quarter Highlights: Vacancy Rates Decline, Flight to Quality and Rental Rate Stability
The Columbia office market improved in the second quarter of 2012 with a slightly lower direct vacancy rate of 23.31% compared to last quarter’s direct vacancy rate of 24.39%, a decrease of 108 basis points. Although the vacancy rate seems very high, there are some properties with significant vacancy which inflate the vacancy rates. A more accurate assessment of the market can be found in the Class A and Class B sectors where overall vacancy rates are 12.76% and 17.99% respectively. Since year end, 2011, the Columbia office market has absorbed 126,134 square feet of vacant office space. Improvement is forecasted to continue throughout the remaining quarters of 2012 and into 2013 with positive absorption and increasing occupancy rates.
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