Businesses vacate office space at fastest pace in years — Wall Street Journal

The Saint Reportsaintblog, Urban planningLeave a Comment

vacantBusinesses are dumping office space at the fastest pace since the months after the Sept. 11 attacks, increasing the financial stress on commercial-real-estate owners and their lenders, many of them already ailing financial institutions, according to Alex Frangos writing in the Wall Street Journal.

The report, posted by Business News Blog, says nationwide, rents on office properties — including landlord concessions and discounts — were flat in the third quarter, the worst result for office-property owners since late 2004 — when commercial real estate began to emerge from a prolonged slump, according to Reis Inc., a New York real-estate research firm.

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