Summary:
- U.S. Office Vacancy Rates Drop to 16% in 4Q, 2011.
- Industrial Availability Continues to Decline; Now 13.5%.
- Retail Availability Holds Steady.
- Apartment vacancy Falls Amid Robust Demand.
The office market improved steadily throughout 2011, ending the year with a vacancy rate down 50 bps from year end 2010, at 16%.
Industrial availability ended 2011 at 13.5%, a 80 bps decline from prior year end. With most local markets seeing improved availability in Q4, it appears that modest economic growth is continuing to spur demand for industrial space.
At 13.2%, Q4 2011 retail availability - while unchanged from the previous quarter -- was 20 bps higher than the rate at the end of 2010. However, the stabilization of retail availability during the second half of 2011 marked an end to the relentless increases that characterized the retail real estate market since the recent recession.
Q4 2011 results highlight the continued strengthening of apartment fundamentals, fueled by occupancy gains as more former homeowners elect the rental option. The Q4 2011 vacancy rate of 5.3% was a 70 bps drop from Q4 2010.
Read the full article at Commercial Real Estate Sectors in U.S. Performing Well in 4Q, Says CBRE Report.
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