Lack of Demand Stymies Suburban Office Market

July 7, 2010  |  

(Crain’s) — The suburban office vacancy rate climbed for the 13th straight quarter, and despite a pickup in activity and property sales, the weak job market is dampening expectations of a recovery.

The overall vacancy rate, which includes sublease space, climbed to 25.4% in the second quarter from 25.2% in the first quarter, according to data from Jones Lang LaSalle Inc.The second quarter’s rate is the highest in more than a decade and is more than a percentage point above the year-ago level of 24.3%.

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