Third-quarter 2000 office vacancies under 8 percent
Despite the amount of new office construction during the past six years, the market continued to be extremely tight last fall. The overall national office vacancy rate fell from 9.5 percent during third quarter 1999 to 7.7 percent during the same three months of 2000, according to data from the most recent survey conducted by commercial brokerage and research firm CB Richard Ellis. The level of vacancies in office buildings in the third quarter of 2000 was a slight 0.2 percent lower than during the second. The third-quarter vacancy rate for downtown office space was 6.2 percent, while the suburban rate was 8.6 percent.