| What economic slowdown? Reis research maestro Victor Calanog says national office vacancies dipped in July to 17.4%, and occupied space increased 2.7M SF for the month. About 12.6M SF have leased year-to-date, and with that rents have increased modestly almost every month. Granted, vacancies have only fallen 20 bps since the start of the year, but the economy only grew 0.7% in the first half. ?Recovery has been slow, but please, let?s not cry a river,? Victor says. ?We expected any rebound from this recession to be a slow,tough slog.? August numbers aren't in yet, but things got rockier after the debt ceiling debacle, the S&P downgrade, and zero job growth. |
OFFICE RECOVERING ... FOR NOW
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