Chicago, Washington, D.C., paint U.S. office vacancy picture

If you want to get a read on the U.S. office market, just check out Chicago and Washington, D.C.
According to Avison Young's 2010 Forecast, their office vacancy levels reflect the double-digit norms prevalent in major cities across the U.S. Chicago, a vital transportation hub to many industries, expecially the oil and gas sector, saw its vacancy rise to 15.3% in 2009 from 13.2% a year earlier. Washington's office vacancy level rose to 13.5% from 11.3%
Mounting job losses and a corresponding fall in office demand are cited as the main causes of the declines.
This year, office vacancy is expected to nudge up 50 basis points in Chicago and dip by the same modest amount in the U.S. capital.
To check out Avison Young's Forecast click on the link below.

http://ow.ly/W562