Apr
16

U.S. Apartment, Office, and Retail Center Vacancies Hit Highs According to Reis

By
– Appraisal Institute

U.S. apartment rents fell in the first quarter and the vacancy rate rose to a five-year high as job losses and falling incomes reduced demand, said Reis Inc. Vacancies climbed to 7.2 percent from 6 percent a year earlier and 6.6 percent in the fourth quarter, according to the New York-based research firm. Vacancies were at the same level as the first quarter of 2004, matching the highest since Reis began conducting its survey in 1999.

Rents paid by tenants fell 1.1 percent from the previous quarter to $984 on average. They were up 0.1 percent from a year earlier, Reis said. Occupied space fell by a net 31,878 square feet, the largest one-quarter drop since the first three months of 2002, excluding apartments lost to condominium conversions, said the research firm.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.appraisalinstitute.org/ano/current.aspx?volume=10&numbr=7/8
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