After nearly three years of rising vacancies, the national office market has turned an important corner in 2011 with improvements in key fundamentals. Positive absorption of more than 9 million square feet during the first half of the year helped to push the national office vacancy rate off its peak level of 17.6%, recorded n both the third and fourth quarters of 2010, according to Reis. The vacancy rate improved by 10 basis points to 17.5% in first quarter 2011 and has held steady in the second quarter. Reis predicts that vacancies will fall to 17.1% by year end.