A new study by CB Richard Ellis shows that the lowest office vacancy rate in the country is Downtown Charlotte which has only 3.1 percent available. It looks like the NASCAR Corporate Offices that we talked about this morning that are being built in Charlotte will be a great investment on many levels.
Second and Third places are held Midtown and Downtown Manhattan respectively, another reason why sales of properties in the Big Apple are going for ridiculous multiples.
In the suburban markets, Miami led the way with a 6.5 percent vacancy rate followed closely by Fort Lauderdale and Orlando. Markets that can not move residential properties are maxed out on the commercial level. Another great example of many different markets in small areas.
Top 5 Downtown Lowest Office Vacancy Rates, 2nd Quarter 2007:
- Charlotte 3.1%
- Midtown Manhattan 4.8%
- Downtown Manhattan 7.0%
- Boston 7.1%
- Las Vegas 8.5%
Top 5 Suburban Lowest Office Vacancy Rates, 2nd Quarter 2007:
- Miami 6.5%
- Fort Lauderdale 7.0%
- Orlando 7.7%
- San Jose 8.4%
- Los Angeles 8.5%
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