The office vacancy rate in U.S. metropolitan...

The office vacancy rate in U.S. metropolitan areas for the first quarter of 1988 was 20.4%, down from 21.5% a year ago and at its lowest point in two years. Office construction continues to moderate and space absorption is strong in downtown and suburban markets, according to the quarterly Coldwell Banker office vacancy index. The lowest downtown vacancy rates are in Hartford, Conn., 6.5%; San Diego, 9.2%; mid-town Manhattan, 9.8%, and Sacramento, 9.9%. The highest downtown vacancy rates are in Austin, Tex., 38.1%; Oklahoma City, 33.6%; Denver, 29.9%; Kansas City, 25.9%, and New Orleans, 25.7%. Ventura County recorded one of the biggest declines for metro areas, down 3.2% to 15.3%.