Office vacancy in the United States – additional information
Real estate refers to properties, such as buildings and houses, and lands, and can be divided into three major types – residential, commercial and industrial. Offices are usually associated with commercial real estate. The vacancy rate depends on factors such as location of the real estate, type and cost of it, its business environment, logistics and demographics. According to the above NAR forecasts, the office vacancy rate in the United States will decline from 13.7 percent in the fourth quarter of 2018 to 13.2 percent in the second quarter of 2020. In other words, more offices are expected to be occupied during this time period.
This slight decline on the vacancy rate is also projected in other sectors of the American real estate market. The multifamily vacancy rate and industrial vacancy rate in the U.S. are also expected to drop between 2017 and 2018. The retail vacancy rate, on the other hand, does not follow this pattern; this rate is forecasted to have a small increase during the same time period.