Commercial Vacancy and Rental Rates
| Quarter |
Class A |
Class B |
Class C |
Asking Rate/Sq. Ft. |
| 2010 Q4 |
8.7% |
17.5% |
10.2% |
$2.6 |
| 2011 Q1 |
8.5% |
22.3% |
10.9% |
$2.64 |
| 2011 Q2 |
8.4% |
23.2% |
11% |
$2.82 |
| 2011 Q3 |
7.8% |
18.5% |
9.7% |
$3 |
| 2011 Q4 |
5.9% |
12.7% |
7.1% |
$3.15 |
| 2012 Q1 |
7% |
7.3% |
7% |
$3.38 |
| 2012 Q2 |
8.8% |
8.4% |
8.7% |
$3.52 |
| 2012 Q3 |
8.8% |
8.4% |
8.7% |
$4.07 |
| 2012 Q4 |
6.7% |
10.3% |
7.4% |
$4.06 |
| 2013 Q1 |
7.1% |
8.2% |
7.3% |
$3.97 |
| 2013 Q2 |
6.6% |
8.2% |
6.9% |
$4.07 |
| 2013 Q3 |
13.5% |
34.1% |
17.1% |
$4.02 |
| Definitions: |
| Class A. These buildings represent the highest quality buildings in their market. They are generally the best looking buildings with the best construction, and possess high quality building infrastructure. Class A buildings also are well-located, have good access, and are professionally managed. As a result of this, they attract the highest quality tenants and also command the highest rents. |
| Class B. Class B buildings are generally a little older, but still have good quality management and tenants. Class B buildings are generally functional without notable signs of obsolescence and are well maintained. |
| Weighted Average Rental Asking Rate. This is the average asking rate per square foot of commercial office space weighted by the number of square feet for each site. This does not necessarily equate to the final negotiated rental rate, but is rather the amount offered by property owners. |
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