By January 2021, U.S. office-using employment fell 3.3%. Office vacancies increased 40 basis points to 14.6% and 80 basis points Y-o-Y.
By December 2020, U.S. office vacancies increased 40 basis points to 14.2% and office-using employment fell 3.4%.
E-commerce fueled demand for industrial space causing rents to grow 4.8% Y-o-Y in December 2020 and sale prices to grow 7.8% over the course of the year. More new industrial space was constructed – 228.4 million square feet – than at any other time this century.
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