US office vacancy rates remained unchanged during fourth quarter
According to the latest report by estate research firm Reis Inc, the Office vacancy rates in the United States remained unchanged during the fourth quarter of 2013.
The report showed that the slow job growth and concerns over economic growth have affected demand for office space in the country, according to Reis Inc. The report showed that the national vacancy rate was recorded at the level of 16.9 percent during the quarter, which is the same level recorded for the previous three years.
"With most of the employment growth continuing to come from low-paying, low-skilled jobs that don't utilize office space, demand remains weak," the report said.
The vacanvy rate has fallen from a high of 17.6 percent in 2010, when the US economy was facing a slowdown. However, the rate still remains higher than 12.5 percent average rate recorded in the third quarter of 2007. The high vacancy rates continued to maintain pressure on the rentals during the quarter.