Reis.com Shows Office Vacancy Rate for Q2 at Highest Level Since 1993

Data from Reis.com today showed that office vacancies in the U.S. during the second quarter surged to a 17-year high as commercial tenants are demonstrating concern about the economic -- and more specifically -- the housing recovery.

Vacancies last quarter rose to 17.4%, up from 16% during the same quarter last year and up modestly from the 17.3% reported in Q1 of this year. Also given with today's Reis report, the market-research firm said that effective rents fell 5.7% from Q209 and fell 0.9% from Q1 of this year. Effective rents is known as the actual amount tenants pay their landlords.

The SPDR S&P Homebuilders ETF (NYSE: XHB) is now down 0.9% from Friday's closing price. The fund opened this morning's session sharply higher, however, as the broader market sold-off, so did homebuilding-related stocks.

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