U.S. Office-Market Recovery Stalls as Rent Growth Slows
This article is for subscribers only.
The U.S. office-market recovery struggled to accelerate in the second quarter as occupancy gains stalled and rent growth slowed, Reis Inc. said.
Effective rents, or what’s paid after any landlord discounts, climbed 0.4 percent from the previous three months. That’s down from 0.7 percent growth in the first quarter and 0.8 percent at the end of 2012, the New York-based property-research firm said in a report today. Tenants paid an average of $23.23 a square foot in the three months through June, up 2.1 percent from a year earlier. The vacancy rate held at 17 percent.