Spokane Commercial Real Estate Vacancy Rates
January 10, 2011 1 Comment
Some comparisons:
- National office vacancy rate: 17.6% (WSJ – other estimates put it at about 11%)
- In Las Vegas, office space vacancies are in the 24% to 25% range, industrial at about 11% to 16%, and retail in the 11% to 12% range. Las Vegas is notorious for its collapsed real estate market and high unemployment rate.
We cannot directly compare Spokane with Las Vegas because each firm has different ways of producing their estimates and the real estate price collapse in Vegas is much, much worse than Spokane. But it is surprising to see Spokane and Las Vegas “in the same ballpark” as Las Vegas, albeit in different categories, in terms of commercial real estate.
Updated as of Jan 10, 2011. Source: OfficeSpace.com
As always, each firm’s estimate of vacancies is calculated in their own way and estimates vary between real estate firms
I agree. There is too much variety in statistical techniques to draw strong comparisons.