The office vacancy rate in the US is the highest it has been in 17 years, since 1993. Effective rents were lower in the 2nd quarter as the office space market continues to struggle. It is not all bad news. The negative trend is slowing. In other words the vacancy rate is increasing at a slower rate and the bottom may be in site.
According a study published by the National Real Estate Investor magazine, "There is reason to be optimistic about the fate of office properties. A turnaround may yet happen later this year, but the real recovery will come to fruition next year"Office Space , Office Vacancy Rate