Office Vacancies Decline in U.S. as Economy Recovers Slowly

U.S. office vacancies fell in the three months through December, extending a yearlong recovery, as a dearth of new supply helped counter sluggish economic growth, Reis Inc. said in a report today.

The vacancy rate dropped to 17.3 percent from 17.6 percent a year earlier and 17.4 percent in the third quarter, the New York-based property research firm said. The fourth-quarter rate was the lowest since the end of 2009, according to Reis.