After a seven-year stretch of shrinkage in the national vacancy rate, the U.S. office market experienced a rare uptick in vacancy during the first quarter of 2017.
Vacancy increased 10 basis points to 13% in Q1, according to CBRE, but the upward trend is expected to be more than just a blip. CBRE predicts that the national vacancy rate will rise to 13.1% by the end of 2017 and 13.3% by the end of 2018.
"We are expecting vacancy will continue to rise over the next couple of years," CBRE Americas head of office research Andrea Cross said.
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