Office Reports

As office construction continues to cool, a quarter of under-construction office space is now concentrated in just 6 life-science-heavy markets.

From January to June of this year, office properties have been trading at an average price of $199 per square foot.

Remote work is yet another challenge disproportionately impacting tech markets, pushing up office vacancy rates.

In a challenging economic environment, tech companies continue to trim their office footprint, pushing up vacancy rates.

With so many headwinds impacting the sector, office landlords are faced with tough decisions as the future of offices remains unclear.

With weak demand and high interest rates, refinancing offices will be challenging unless they include solid leases with high-quality tenants.

Amid economic uncertainties and vacancy woes, the sector is expected to record one of the smallest sales volumes since the Great Recession.

Higher interest rates will likely hamper new supply as well as sales activity in 2023, while tenants’ flight-to-quality expected to persist.

The average listing rate for office space stood at $38.06 in November, while vacancies rested at 16.2% across the top 50 U.S. office markets.

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.