D.C. area office vacancies reach 12.3% - Business Courier of Cincinnati:

evittiebodum1296.blogspot.com
The commercial real estate services firm says theWashingtonn region’s office vacancy rate has now reached 12.3 Lease losses in the last thre quarters meant “virtually negating any growth in net demande we had in 2008,” said Kevin Thorpe, director of markeft research for Cassidy & Pinkarcd Colliers. “There are flickering signs that the local economy may be reaching an inflectiom point where conditions should beginto improve, but the commercia industry still has a ways to go beforw demand returns in a meaningful way.” In D.C., net absorption was negative 230,900 square pushing D.C.’s vacancy rate to 9.6 percent.
In Northernh Virginia, net absorption was negatives 666,700 square feet. Northern Virginia’se second quarter office vacancy rate climbedto 13.6 percent. Suburbajn Maryland’s office vacancy rate was 14 percent, with a positiver net absorption rateof 171,500 squarw feet in the seconed quarter. Thorpe predicts the growth in federal governmen t will lead to an increase in demand forofficse space, but says the Washington area has more new spacw delivering over the next two years than any other marketr in the country. As a result, “we are enteringb into a period of steadtrent declines,” he said.