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But because many of those corporations overestimated their own potential for growth, commercial real estate markets now have overall vacancy rates, including sublease space, similar to those at the beginning of the 1990-91 recession.
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A 2008 report indicates that the Ministry of Health had an overall vacancy level of 29% [ 1, 2].
In Mr. Pizer's 15 months at the helm of Trinity Real Estate, the overall vacancy rate has been halved to just 8 percent in Hudson Square, with retail vacancies at just 2 percent.
Though no office buildings have been erected downtown since 1991, the overall vacancy rate for prime space is at 19.5percentt, about double the level that industry experts generally describe as parity for tenants and landlords.
Overall, vacancies have fallen from 917 last year to 873.
The report highlights that some London boroughs have been unable to fill nearly 40% of their social work posts, while the overall vacancy rate in Birmingham is 26%.
Areas that have been dependent on one industry, especially one technology industry, are experiencing the largest increases in overall vacancy rates.
The two entities have consumed about 1percentt of the total market annually for the last seven years, bringing the overall vacancy rate down to roughly 13percentt, and 8percentt in the central business district, Mr. Keogh said.
In certain areas, the overall vacancy rate was much higher.
The overall vacancy rate -- including space available for sublease -- stands at about 16percentt.
This summer, the overall vacancy rate remained high — 16percentto20percentcent, according to various real estate firms.
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