Washington DC Office Vacancy Rate Drops
By: Leon Castles
on Monday, November 26, 2012
Most of the businesses in the nation like to have their offices in the capital city and therefore the office market in Washington DC has always remained low in the nation. According to the new reports provided by National Association of Realtors the office market vacancy rate in the city has dropped further making it the lowest office market vacancy rate in the city. The report indicates that more and more firms would like to open up their offices in the city which is dropping down the vacancy rate in the city.
According to the report the office market vacancy rate in Washington DC area is 9.6% which is the lowest followed by New York City at 10.1% and followed by New Orleans at 12.9% in the current year. The report also indicates that nationwide office market vacancy rate is at 16.7% and many experts claim that the office vacancy rate will fall down to 15.7% in the year 2013 as more and more firms are planning to have their offices in the nation. According to NAR there are many firms that are trying to expand their offices and grow nationally and therefore the nationwide office market vacancy rate is dropping quickly. The report claims that assuming that there is no fiscal cliff they believe the rates will come down by the start of the year 2013.