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Commercial Real Estate declines in US

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    The US Federal Reserve is monitoring the rapidly growing vacancy rates in commercial real estate and a surge in consumer credit. Fed Gov. Susan Bies said on Thursday.

    "We are seeing dramatic increases in vacancy rates," she said at an accounting trade association conference.

    Bies said that more and more office and warehouse space was becoming available because of job losses, particularly in technology industries. Rents have declined by 30 to 60 percent in some metropolitan areas, she said.

    Growing commercial real estate vacancies have prompted concerns at the Fed about cash flow for property owners. "We're concerned what's going to happen to the cash flow down the road, how deep are the pockets that own these properties, and so we are looking at it," she said.

    Bies also said that the Fed has taken notice of a rapid growth in consumer credit. The central bank is looking closely at delinquency rates for loans 12 to 14 months old.

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