Office Reports

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.

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.

Trading at an average $645/sq. ft, life science properties are selling for 150% higher than the $258/sq. ft average of general office buildings.

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.