US DATA: Realtors Grubb & Ellis says comml property mkt took a
breather in Q3 “as the vacancy rate fell by just 10 basis points to end
the quarter at 10.5 percent. Vacancy, though below its recent peak of
10.9 percent in the first quarter, remains elevated. Net absorption
plunged from a revised 19.9 million square feet in the second quarter to
a slim 2.4 million square feet in the third quarter. Only 2.0 million
square feet of new space was delivered in the third quarter, a little
over half of it speculative. Projects still under construction at the
end of the quarter totaled 13.2 million square feet, of which just 3.2
million square feet was speculative.”