Vacancy rates increase in major cities.The national vacancy rate for office properties increased three-tenths of a percent to 18.9 percent in the fourth quarter of 1991, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a report by Grubb & Ellis Company. In its February 1992 edition of Market Trends, the real estate company reports on vacancy rates and construction activity in the national office and industrial markets. Office Market-Vacancy The national vacancy rate for office space increased to 18.9 percent in the fourth quarter, according to the report. The increase occurred despite vacancy-rate changes being evenly divided between increases and decreases in the tracked markets. The overall increase was fueled by significant increases inavailable space in Central Business Districts (CBDs). The most significant declines in vacancy rates were in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , the Inland Empire In·land Empire A region of the northwest United States between the Cascade Range and the Rocky Mountains, comprising eastern Washington, eastern Oregon, northern Idaho, and western Montana. Farming, lumbering, and mining are important to the area. , Denver, San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. and Oakland. The most notable increases were in Cleveland, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Miami and Fresno. The lowest vacancy rates for all surveyed markets are in Marin County, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Pittsburgh and Bellevue. The Fairfield County Fairfield County is the name of three counties in the United States:
Office Market-Construction Construction in the national office market declined for the sixth consecutive quarter. Of the tracked markets, only five reported increases while 20 reported decreases. The most significant declines in office space under construction were in Cleveland, Chicago, Los Angeles and West Los Angeles
Copies of the report are available from your local Grubb & Ellis commercial real estate office. To order a Market Trends subscription, call (203)327-5050. TABLE : Vacancy Rankings Low to High CBD's Fourth Quarter 1991 NATIONAL CBD (Component Based Development) Building applications with components (objects). See component software. CBD - component based development VACANY 18 8% 1. Bellevue WA 10.5% 2. Washington DC 12.0% 3. San Francisco CA 13.2% 4. Philadelphia PA 14.1% 5. Detroit MI 14.2% 6. Oakland CA 14.3% 7. Seattle WA 14.3% 8. Orlando FL 15.5% 9. Pittsburgh PA 15.9% 10. Portland OR 15.9% 11. San Jose CA 16.8% 12. NYC/Midtown NY 17.3% 13. Orange/Anaheim CA 17.8% 14. NYC/Downtown NY 18.7% 15. Hartford CT 18.8% 16. Louisville KY 18.9% 17. Boston MA 19.2% 18. Chicago IL 20.7% 19. Houston TX 21.9% 20. Denver CO 22.4% 21. Atlanta GA 22.7% 22. FL Lauderdale FL 23.1% 25. Memphis TN 23.1% 26. Austin TX 23.4% 27. Tampa FL 24.2% 28. Newport/Irvine CA 24.9% 29. Los Angeles CA 25 2% 30. Phoenix AZ 25 6% 31. Westchester Cty NY 26.8% 32. West Palm Beach FL 26.9% 33. Miami FL 27.8% 34. Dallas TX 30.2% 35. Fairfield Cty CT 30.2% 36. San Antonio TX 34.9% 37. New Haven CT 35.4% Source: Cushman & Wakefield, Inc |
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