Office Reports

Rents have increased steadily throughout the pandemic-stressed economy. The upward trend is likely to continue, as transactions focus on high-quality, high-value assets.

Despite rising vacancy, average office lease rates across the top 50 markets in the U.S. continue to follow an ascending trend.

Both lease rates and office vacancy saw modest Y-o-Y increases in March 2021, but investors did not shy away from spending record amounts in top office markets.

By February 2021, U.S office vacancies grew 40 bps M-o-M to 15% and 160 bps Y-o-Y. Austin, San Francisco, and Seattle had the greatest increase in vacancies nationwide at 720 bps, 480 bps, and 450 bps, respectively. U.S. office-using employment fell 3.4% Y-o-Y.

By January 2021, U.S. office-using employment fell 3.3%. Office vacancies increased 40 basis points to 14.6% and 80 basis points Y-o-Y.

By December 2020, U.S. office vacancies increased 40 basis points to 14.2% and office-using employment fell 3.4%.