U.S. Office Vacancy Declines For First Time Since 2019

The office market is recovering as demand sharpens and construction activity continues to slow, a new report says.

National office vacancy declined for the first time since 2019, dropping 5 basis points to 22.5% in Q3, according to JLL. However, leasing activity stood at 82% of prepandemic levels.

New construction continues to decline. Less than 6M SF is in the pipeline, down from 50M SF in 2019.

Due to the lack of new supply, vacancy for Tier 1 office space built since 2000 declined 104 bps over the last year, according to JLL...   ...more

RSK: And what types of companies make up 62% of the increase in space? FIRE T...finance, investment, real estate and technology!