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Office vacancies climbed more than 5% in six of the top 25 US markets this year, according to CommercialEdge. Sale prices, meanwhile, dropped again, down 9% from the average price in 2023.
Throughout the country, once bustling business districts have turned into ghost towns. Now some major U.S. cities are breathing new life into empty office buildings by converting them into housing.
In the prior quarter, as Fortune previously reported, the office vacancy rate had already reached 19.8%, which was 50 basis points above recessionary peaks recorded in 1986 and 1991, according to ...
In the United States, for example, according to the Seattle Times office space was "tight" in Seattle and Bellevue in 2013. [4] However, in 2023, the office vacancy rate in the United States had risen to 12.9%, which was seen as the highest ever since one data collection firm began tracking such statistics in the year 2000. [5]
In May 2023, Canadian real estate firm Colliers reported that the vacancy rate for New York City office space was 17.4%, and that some 94 million square feet of office space was listed for lease in the city, a record amount. [18] Office vacancies in the United States reached the highest point in twenty years in October 2023. [19]
Not to mention, the new record-high vacancy rate is 50 basis points “above the recessionary peaks recorded in 1986 and 1991,” an analysis published earlier this week found.
The national office vacancy rate just hit a record 19.8%, according to a preliminary report from Moody’s Analytics. And it could get worse, as companies continue to lease substantial space ...
In 1986, Downtown's Class A office occupancy rate was 81.4%. [19] The Downtown Houston business occupancy rate of all office space increased from 75.8% at the end of 1987 to 77.2% at the end of 1988. [20] By the late 1980s, 35% of Downtown Houston's land area consisted of surface parking. [18]