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 Data |
| Metropolitan Area's Office Vacancy Rates |
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| Source: CB Richard Ellis |
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| Data |
| Industrial Vacancy Rates |
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| Source: CB Richard Ellis |
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Data and Analysis
Construction and Real Estate
Nonresidential
April 2008
According to Dodge Construction potentials, planned nonresidential development in the District, in terms of square footage, continued to moderate during March on a year-over-year basis. Weakness continued to be largely driven by declines in Florida. However, elsewhere in the District planned activity also slowed. Data indicate that District construction activity will continue to slow through the third quarter of 2008.
According to the CB Richard Ellis quarterly office vacancy report, more space was available in the District during the first quarter of 2008. The Atlanta and Nashville markets were little changed from year-end 2007 while more Florida markets noted rising vacancy rates than in the prior quarter. Palm Beach County and Fort Lauderdale experienced the sharpest jump in vacancies from the year-earlier level.
Similar to the trend for office markets, Florida vacancy rates were on the rise during the first quarter, according to a CB Richard Ellis report. Nashville experienced a modest increase in vacancies from the prior quarter while the vacancy rate in Atlanta declined from high levels.
An informal survey of District contractors indicates that commercial development during the first quarter declined compared with a year earlier, and activity was weaker than in February's report. More contacts noted that backlogs were also shrinking compared with a year earlier. Pessimism grew among contacts from our survey in February. Contacts reported that tighter lending standards were resulting in the delaying or canceling of some projects. Several contacts noted that the bid process continued to become more competitive, and some anticipate that weakness will increase into 2009.
Archive | March 2008 |
