Under normal market conditions, as new buildings are delivered, owners cut rents as
overall vacancy increases.
Not exact matches
CB Richard Ellis Research figures predict an
increase in
overall vacancy to 14.9 per cent, with the A-grade segment of the market to
increase to 15.2 per cent.
Even though only about 13 percent of rent - stabilized apartments turn over each year, a report released on Tuesday by the antipoverty group Community Service Society of New York argued that the
vacancy allowance, which has been in place since 1969, is so high that it contributes more to the
overall rise in stabilized rents than the annual
increases.
Despite the
overall picture looking somewhat gloomy, there were certain specialisms which experienced
increases in
vacancy numbers.
Its survey of employers pointed to a 17 %
increase in available graduate
vacancies overall.
Overall, office
vacancies are now listed at 16 % nationwide, and this number is sure to
increase.
While the sector has endured an
increase in
vacancies and some softness in rents, the
overall fundamentals remain much better than the office market.
The firm expects
overall vacancy to
increase from 9.2 percent today to the low - 10 percent by the end of the year, says Norton.