This echos the economic scenario obtaining presently in the us country. The rising being out of work leads vacation or non-occupancy with office complexes, causing huge impact in the industry real estate sector just by falling rental income to people. Loss of revenue would make default in mortgage plus more number of commercial properties add up to foreclosure filings.
Precisely that is what happening all all over US nation and San francisco bay area and New York are definitely the worst-hit. In San Francisco with some of the biggest employers in the area proposing to vacate office space soon, it seems the worst is yet to return in the second one fourth. With reduction in employees’ strength, companies eventually return the vacant office space to the commercial real estate market.
According to latest news report in Colliers International, in San francisco rents of office property declined by the massive 24 percent in the first quarter of 2010, compared to a year ago and this is considered the biggest of them all since infamous dot. com collision of 2001. In the fourth quarter of that year, rents of company property tumbled 49 percentage. San Francisco’s decline in commercial rental rates experienced already suffered a fall by 22 percent during the quarter ended December 2011.
This may be the case with New You are able to, where Manhattan office rents fell heavily as never before in the last 25 years, during the first quarter of 2009 and also the fall still continues. Rising unemployment clubbed with restricted consumer spending triggered your cutting in commercial and office property rents there.
Collier International reports that this office vacancy rate in S . fransisco rose to 13. 2 percent inside quarter under review, with 12. 6 percent in the quarter ended December this year and from 10. Finding Privately Negotiated Rates
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