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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 ...
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.
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.
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]
The national office vacancy rate rose to a record-breaking 19.6% in the fourth quarter of 2023, Moody’s Analytics said. That’s the largest quarterly increase since the first quarter of 2021 ...
Office: Location: Philadelphia, Pennsylvania, U.S. ... The city's office vacancy rate was 14.3 percent at the end of 1990; in the two months after the fire, ...
In 1999, class-A office vacancy in the city was at 6.6%, leading developer Willard Rouse to envision a new tower. Eventually the developer settled on the location where he constructed this building, a 2-acre (8,100 m 2), $288 per square-foot parcel owned by Equitable Life Assurance Co. [9] In 2000, the architect and Driehaus Prize winner Robert A. M. Stern began working on a design for a ...
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.