Office Vacancies Near 4-Year High; 24% Vacancies in Suburbs; Rents Fall

U.S. office vacancies rose to the highest in four years in the second quarter as job losses mounted and demand for space declined, Reis Inc. said.

The vacancy rate increased to 15.9 percent from 13.2 percent a year earlier, the New York-based research firm said today in a statement. Vacancies hit 16 percent in the first quarter of 2005 and were at 15.2 percent in the first quarter of this year, according to Reis. (more)