CRE Vacancy Compared to Unemployment Patterns

Below is a graph of actual apartment, office and retail vacancy patterns from 1984 to 2010 and a forecast through 2013. The national unemployment rate is projected by Moody's Economy.com to remain virtually unchanged in 2011. However, the Federal Reserve is projecting that the unemployment rate will decline to 8.4%. In Q1 2011, office vacancy declined, albeit slightly, to 17.5%. Plus, the vacancy rate for the apartment sector peaked at 8.0% back in Q4 2009. On the other hand, retail vacancies across the nation continued to tread water in Q1 2011, with the vacancy rate flat at 10.9%.

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