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This graph shows the office vacancy rate starting 1991.



Reis is reporting the vacancy rate rose to 17.2% in Q1 2010, up from 17.0% in Q4, and up from 15.2% in Q1 2009. The peak following the previous recession was 16.9%.



From the Financial Times: Signs that worst is over for commercial property

New figures from Reis ... showed that the vacancy rate in the US office sector climbed to 17.2 per cent during the first three months of the year..

...

"We expect less of a bloodbath in fundamentals in 2010 versus 2009, but rents will still decline and vacancies will still continue to rise," said Victor Calanog, director of research at Reis. ... During the first quarter, asking rents and effective rents, which include special offers and concessions, both fell by just 0.8 per cent.

excerpts with permission

Even though vacancy rates will probably rise further and rents continue to decline, it does appear the rate of deterioration has slowed.Reis should release the Mall and Apartment vacancy rates over the next few days, and those will probably be at record levels.