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Vacancy rates decline in suburban markets.

The national suburban (non-CBD) vacancy rate fell to 21.1 percent in the second quarter from 21.4 percent in the first quarter as 37 of the 44 markets surveyed experienced vacancy rate declines, according to Cushman & Wakefield, Inc.

New construction completions in the suburbs were down to 2.2 million square feet in the second quarter nationwide, from 4.1 million square feet in the first quarter of 1992.

Northern New Jersey was the only suburban market with significant new construction (960,000 square feet), but 83 percent of this space has been preleased.

Noteworthy vacancy rate decreases were experienced by San Antonio (24.2 percent to 22.4 percent), Ontario, California (21.2 percent to 18.3 percent) and North Orange County, California (20.6 percent to 17.7 percent).


New office completions and space additions in major cities caused the national vacancy rate in the central business districts (CBDs) to rise to 19.8 percent at the end of the second quarter from 19.3 percent at the end of the first quarter.

Looking at major markets nationally, New York-Downtown's vacancy rate rose to 19.8 percent from 17.8 percent due to large space additions by Chase Manhattan Corporation (1.1 million square feet) and Nomura Securities (100,000 square feet); Los Angeles' vacancy rate rose 3.7 points (29.2 percent from 25.5 percent) as 1.7 million square feet of new construction was completed; Chicago's vacancy rate rose to 22.3 percent from 21.7 percent due to the addition of 2.7 million square feet of new construction completions; and Atlanta's vacancy rate rose to 25.7 percent from 23.8 percent due to sublease space additions by the accounting firm Ernst & Young and two local banks.
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Title Annotation:according to report by Cushman and Wakefield Inc. for second quarter of 1992
Publication:Real Estate Weekly
Date:Aug 12, 1992
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