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CBRE: US office vacancy rate declines in Q3

The office vacancy rate in the U.S. decreased to 12.9% in the third quarter after holding steady at 13% in the second quarter and remained near its post-recession low, according to an analysis from CBRE Group Inc.

The overall vacancy rate declined by 10 basis points in the quarter, while the suburban office vacancy rate declined by 20 basis points to 14.1%. The vacancy rate for downtown markets decreased by 10 basis points to 10.6%.

CBRE said the largest metro-area declines for office vacancy rates were seen in Trenton, N.J., with a 220 basis points fall; Las Vegas with 140 basis points; and Phoenix with 110 basis points.

Jeffrey Havsy, Americas' chief economist for CBRE, noted in a release, "The supply pipeline in certain markets has started to increase and this may lead to a slowing of the vacancy decline in early 2018."