Leasing market conditions improved in the third quarter at a pace ranging from barely detectable to brisk. The apartment market fit the latter description as the vacancy rate fell to 7.1 percent from 7.8 percent in the second quarter, one of the sharpest drops on record according to data-provider Reis. The office, industrial and retail markets all recorded a very modest drop of 10 basis points in their third-quarter vacancy rates. Asking rental rates typically lag vacancy, and at this early stage of the recovery cycle, landlords have little pricing power with the exception of some apartments and selected high-quality office and retail properties in primary markets.
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