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- Post-pandemic, the U.S. office market recovery remains sluggish amidst economic uncertainty and slower return to office. Office availability now stands at 24.4%, up 40 basis points from last quarter with available sublease space of 176.2 million square feet (msf) now at an all-time high.
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Jun 27, 2024 · Annual quoted rent for downtown and suburban office real estate in the United States from 2016 to 2023 (in U.S. dollars per square foot)
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U.S. office market report. At the midway point of 2024, the overall availability rate for U.S. office space sits at 23.7%—comprised of a 20% direct availability rate and 3.7% sublet availability rate. The total figure remains nearly unchanged from Q1 2024 but marks a year-over-year increase of 40 basis points (bps).
- Key Takeaways
- Life Science Sector Struggles with Supply Glut
- Office Vacancy Rates Spike in Life Science Hubs
- Top Listings by Metro Area: August 2024
- Deluge in Some Sun Belt Markets
- National New Supply Forecast
- Downward Trend in Sale Prices
- 2024 Year-To-Date Sales
- San Francisco No Longer Leads in Office Vacancy
- West Regional Highlights
Since 2020, a record 33.5 million square feet of life science space have been delivered, but with 26.4 million square feet still underway, current demand is not keeping up with supplyLife science hubs saw significant year-over-year vacancy increases, with the Bay Area’s rate up 550 basis points, Boston’s 540 basis points, San Francisco’s 440 basis points and San Diego’s 310 bas...The national vacancy rate stood at 19.4%, up 200 basis points year-over-yearUnder-construction office space totaled 69.8 million square feet nationwide, representing 1% of existing stockComing out of the pandemic, lab space was in high demand. Breakthroughs in mRNA and CRISPR technologies, alongside record-low interest rates, led to billions of dollars in funding from both private and public sources pouring into the life sciences sector. Developers rushed to respond, bringing millions of square feet to market in recent years throu...
The national average full-service equivalent listing rate was $31.67 per square foot in August, the latest U.S. office market report notes, unchanged from the previous month. The national vacancy rate was 19.4%, increasing 200 basis points year-over-year. Vacancies have risen in almost every market last year, but some of the biggest jumps occurred ...
The life science glut space can explain the rise in overall vacancies. However, many of these markets also have a high concentration of tech jobs, a sector facing its own challenges over the past two years. The tech sector has been beset by layoffs, weak hiring and a shift toward remote work setups at many companies since late 2022.
Nationally, 69.8 million square feet of office space were under construction in August, representing 1.0% of stock, according to our U.S. office market report. A total of 34.3 million square feet of office space has been completed through August, putting 2024 on track to have the lowest office deliveries since 2013. Due to weakened demand and expen...
Amid the shift to remote and hybrid work, some Sun Belt markets’ office inventories have significantly increased in size in recent years. Austin has delivered 10.2% of its stock since the start of 2021, Charlotte9.8%, Raleigh-Durham 9.2% and Nashville 8.7%. The decreasing demand for office space has exposed these markets to oversupply, and in Austi...
Across the U.S., a total of $20.9 billion in office sales have been recorded through the end of August, with properties trading at an average of $173 per square foot, our most recent U.S. office market report reveals. Manhattan continued to lead the nation in sales volume, with nearly $2.5 billion in transactions through August. Washington, D.C., c...
Average sale prices saw a decline in most markets compared to one year ago, with one of the biggest drops recorded in Denver. The average sale price of an office building in the market has fallen from $243 per square foot last year to $112 per square foot in 2024, an over 50% decrease. Of the 23 recorded sales with a published transaction amount, 1...
San Francisco continued to be the most expensive office market in the West and the second nationally, with asking rents at $66.93 per square foot, only $1.63 below Manhattan’s $68.56 per square foot. For the first time in months, the Golden City was no longer the leader in office vacancy among top U.S. markets, posting a 27.6% vacancy rate as of Au...
Meanwhile, Los Angeles logged the highest average sale price nationwide at $437 per square foot, surpassing the leader of the past months, Manhattan ($386 per square foot as of August). Total sales volume in Los Angeles also increased by over $200 million from last month. The surge was mainly driven by Fashion Nova's $118 million acquisitionof a 17...
Apr 5, 2022 · Following close to two years of pandemic-driven correction, signs of stabilization are emerging. In this report, we examine the national context and outlook before assessing current economic and real estate trends in 50 leading U.S. office markets along with their outlook for 2022.
6 days ago · The prime office vacancy rate fell by 20 basis points quarter-over-quarter to 15.5%. Twenty-four of the 57 markets tracked by CBRE recorded positive net absorption in Q3. Manhattan led all markets with 3.4 million sq. ft. Average asking rent increased by 0.7% year-over-year, while average taking rent was unchanged.
Oct 8, 2024 · The U.S. office market reached an important milestone in Q3—with the concurrent acceleration in leasing activity and slowdown of new supply, availability levels have begun to decline for the first time in over five years.
Aug 24, 2023 · Post-pandemic, the U.S. office market recovery remains sluggish amidst economic uncertainty and slower return to office. Office availability now stands at 24.4%, up 40 basis points from last quarter with available sublease space of 176.2 million square feet (msf) now at an all-time high.
