The average listing rate for office space stood at $37.94 in October, while vacancies rested at 16.3% across the top 50 U.S. office markets.
Two plus years into the pandemic, the status quo in the office sector is uncertainty, with conflicting outlooks for all facets of the industry.
Following two and a half years of transformation, workplace perspectives and views on the office sector are stabilizing.
The average listing rate for office space stood at $35.67 in September, while vacancies rested at 16.6% across the top 50 U.S. office markets.
Demand for coworking spaces nears pre-pandemic levels, even as office vacancies continue to climb, hitting 15.1% nationally.
Boston remains the only leading market where the vacancy rate is under 10% thanks to strong life sciences sector.
More than $8B in office sales were recorded in May nationally, raising the number of cities with more than $1B in office sales from 10 to 14.
Growing investor interest has pushed Austin’s to over 10MSF of under construction office space, the highest figure nationwide.
Nationally, $18.9 billion in office sales were recorded in the first quarter of 2022, with over $7.5 billion signed in just six top markets.