There was little change in the Wichita area’s office vacancy rate in the past year, according to data released Tuesday by Reis Inc., a New York-based commercial real estate analysis firm.
In the second quarter, the area’s vacancy rate was 17.3 percent, a 0.2 percent decline from the same quarter a year ago, Reis said.
In the same period, the area’s office rent remained relatively unchanged. Reis said the average effective rent was $11.07 per square foot, a 0.2 percent increase from the second quarter of 2013. Reis said effective rent takes into account concessions and other incentives offered by landlords.
Regionally, the Kansas City area saw a 1 percent decline in office vacancies during the same period, with a vacancy rate at 16.5 percent, while the Oklahoma City area saw a 0.4 percent increase to 17.1 percent, Reis said.
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Reis said the District of Columbia had the lowest second quarter 2014 vacancy rate in the nation, at 9.6 percent. Dayton, Ohio, had the highest vacancy rate – 26.8 percent – in the quarter.