Moody’s: Apartment Vacancy Rate Unchanged in Q1; Office Vacancy Rate at Record High
by Calculated Risk on 4/04/2024 11:37:00 AM
Today, in the Calculated Risk Real Estate Newsletter: Moody’s: Apartment Vacancy Rate Unchanged in Q1; Office Vacancy Rate at Record High
A brief excerpt:
From Moody’s:
The office sector slashed its vacancy record set just a quarter ago and marched another 20 bps closer to the 20% mark. Sitting at 19.8% in Q1 2024, this new record high vacancy rate is 50 bps above the recessionary peaks recorded in 1986 and 1991. Another quarter of vacancy increase emphasizes the long-term ramifications of hybrid work models, despite positive employment and GDP trends in the current economic cycle. …
Moody’s Analytics reported that the office vacancy rate was at 19.8% in Q1 2024, up from 19.6% in Q4 2023. This is a new record high, and above the 19.3% during the S&L crisis.
There is much more in the article.