The economy shrank at an annualized 1% in the first quarter, according to revised data from the Commerce Department. The department had estimated 0.1% growth. Economists had generally expected a revision to 0.5% contraction.
Because the U.S. trade gap contracted less than anticipated in March, the economy likely shrank in the first quarter, private forecasters say. However, imports and exports increased in March, meaning the economy might strengthen.
U.S. CMBS cumulative defaults reached 12.96% in the first quarter of 2012, Fitch Ratings says. That's an increase of 25 basis points quarter over quarter. Loans that defaulted in Q1 totaled $1.7 billion.
Office space activity was sluggish in Q1, with the national vacancy rate falling one percentage point to 17.2%, according to Reis. The firm reports that businesses added about 6 million square feet of space in 79 markets.