US DATA: Grubb & Ellis Q3 Comml RE report says “Leasing market
conditions improved in the third quarter at a pace ranging from barely
detectable to brisk. The apartment market fit the latter description as
the vacancy rate fell to 7.1 percent from 7.8 percent in the second
quarter, one of the sharpest drops on record according to data-provider
Reis. The office, industrial and retail markets all recorded a very
modest drop of 10 basis points in their third-quarter vacancy rates.
Asking rental rates typically lag vacancy, and at this early stage of
the recovery cycle, landlords have little pricing power with the
exception of some apartments and selected high-quality office and retail
properties in primary markets.”
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