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Friday, October 09, 2009

A CRE News Summary

by Calculated Risk on 10/09/2009 11:15:00 PM

Since this was a busy week for commercial real estate data. Here is a summary:

  • From Bloomberg: U.S. Office Vacancies Reach Five-Year High of 16.5%, Reis Says

    Office Vacancy Rate Click on graph for larger image in new window.

    This graph shows the office vacancy rate starting in 1991.

    Reis is reporting the vacancy rate rose to 16.5% in Q3 from 15.9% in Q2. The peak following the previous recession was 17%.

  • From Reuters: US apartment vacancy rate hits 23-year high-report

    Note: the Reis numbers are for cities. The overall vacancy rate from the Census Bureau was at a record 10.6% in Q2 2009.

  • From Reuters: Shopping center vacancy rate hits 17-year high: report

    Strip Mall Vacancy Rate Reis reports the strip mall vacancy rate hit 10.3% in Q3 2009; the highest vacancy rate since 1992.

    And rents are cliff diving ...
    "[W]e do not foresee a recovery in the retail sector until late 2012 at the earliest."
    Victor Calanog, Reis director of research
  • Hotel Occupancy: Two Year Slump

    And a couple of articles:
  • From the LA Times: Hotel defaults, foreclosures rise in California

  • From the WSJ: Fed Frets About Commercial Real Estate