New statistics coming out for the fourth quarter of 2008 show what we all have been seeing and feeling: vacancy rates are increasing pretty rapidly. In fact a new report says that the downtown financial district vacancy rate currently stands at just over 18%. (Read the article about the report here.) This is significant in terms of understanding how rental rates are affected. With supply increased, demand is lowered - putting downward pressure on asking rates. In some cases rates are dropping fast enough that counteroffers from the tenant are actually coming back lower than initial offers. This all goes to say that it is a great time to be a tenant in the marketplace.
I am a commercial real estate broker with TRI Commercial RE. I specialize in leasing and sales, but I am happy to help you with any commercial transaction. I also help investors around the US
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