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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.
But last year, Westchester saw leasing activity jump and the overall vacancy rate fall to 15.2percentt from 17.6percentt in 1998.
The overall vacancy rate is 12.4percentt, up slightly from last year's 11.1percentt, but better than the 10-year high of 17.8percentt in 1995.
Westchester's overall vacancy rate of 12.8percentt is down from 16.7percentt at the same time last year, according to Insignia/ ESG, the real-estate services company.
Similar(24)
Overall vacancy rates are again hovering around 1 percent, where they were during the boom.
Areas that have been dependent on one industry, especially one technology industry, are experiencing the largest increases in overall vacancy rates.
With overall vacancy rates, including sublease space but not shadow space, near 20percentt in many central business districts, analysts expect that it will be several years before markets reach equilibrium, generally considered a vacancy rate of no more than 10percentt.
Cushman & Wakefield's analysts reported at the end of the second quarter that the industrial market continued to "perform strongly," with overall vacancy rates down to 6.2percentt and leasing still brisk at 2.4 million square feet in the quarter.
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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