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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 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, the Inland Empire, Denver, San Antonio and Oakland. The most notable increases were in Cleveland, Los Angeles, Miami and Fresno. The lowest vacancy rates for all surveyed markets are in Marin County, San Francisco, Pittsburgh and Bellevue. The Fairfield County overall vacancy rate was 22.1 percent while Stamford and Greenwich stood at 26.0 percent.

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

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
COPYRIGHT 1992 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Real Estate Weekly
Date:Feb 26, 1992
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