Overall, most office markets in the Northeast registered rates below the national average of $38.04 per square foot, with Philadelphias the lowest at $31.42 per square foot. Shares crush dip buyers after hours. The fight between employers and employees over where to work is still raging, but hybrid work seems to be gaining an edge. "I think the days of coming in, sitting at your desk and [working] nine to five are over," said . We do get them from inexperienced, ambitious MBA types who are mostly interested in impressing their bosses with cost-cutting measures, with little consideration of the effects on motivational psychology, team dynamics, and so forth. It has since signed more leases in Silicon Valley. Looks like QT has reduced by 35% by the Fed before it started. The office vacancy rate in the East Bay, not including Walnut Creek or further east, ticked up to 18.4 percent at the end of last year, roughly double the vacancy rate prior to the pandemic. The overall office vacancy rate on the New York City market was 12.01% in 2021. At the bottom of the list stood Tampa ($28.11), and Orlando ($24.43), although both metros saw slight increases on a month-over-month basis. Cars & Trucks Accessed March 02, 2023. https://www.statista.com/statistics/978457/vacancy-rates-office-space-cities-worldwide/, Knight Frank. Houston, as I pointed out, has been bad since 2015 due to the oil bust, with rates 20%-25%. This is a really good question. Traditionally, the tech corridor was along Route 128/I95 and theres a LOT of office space out there. But, many of the bio and tech companies built themselves new head quarters in the past five to seven years. The area anchored by Newark struggled for a number of years as the region's dominate pharmaceutical industry went through a spell of consolidation. So in effect you are saying pass through payments are sufficient to do QT of $35 billion a month from Sept. And if insufficient then sales will happen. The U.S. office vacancy rate is forecast to rise by more than 2 percentage points to a high of 18.5% by mid-2022. I wonder if these statistics are reflected in the office vacancy data that is published above. Austin, Texas, boasts the highest percentage of in-office workers at more than 60% followed by Houston and Dallas. They keep occupying the office space and retail space while not paying any rent. Its vacancy rate has stayed roughly the same for several years. Perhaps those with large scale real estate experience can explicate the math/logic/results of huge over-pricing with equally huge vacancies. Year-over-year, however, the metro experienced a higher 0.55% increase in vacancy rates, stabilizing at 15.07%. 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. I still find this approach OK given that many other Guardian articles are nicely in-depth and unbiased on a variety of topics. This smells like bankruptcies and foreclosures of highly leveraged landlords. We know distress activity will increase this year. The Texas city went through spate of construction several years ago. The City's Cyber Command, charged with protecting the City's cybersecurity, has a 36% vacancy rate. The consequences on the commercial real estate industry of such a bust would be huge, as office tower building managers and landlords struggle to make up for the lost revenue, and city governments lose out on taxes from commercial properties. Considering the regions fundamentals and Chicagos recent incentives to encourage office conversions, developers continue to remain wary of bringing too much new supply to the market. And while Chicago ended 2022 among the top 10 metros for office transactions with $3.2 billion in sales, investors closed a mere $22 million in deals in January. But in Q1, the sublease space grew again by 3.6% from Q4, to 159 million square feet, according to CBRE, cited by the Wall Street Journal. My hometown in Connecticut took an old brass mill (100+ years old) that was shut down, and leveled it. When was the last time the ruble was worth something? So, I dont see most large companies shifting from older to newer development. Austin and Washington, D.C. also recorded rates in the $40 range, exceeding the $38.04 per square foot national average. Move on to the next project. Remember passwords are case sensitive. That represents a lot of missing lease revenue (and sales/meal/employment tax revenue for the local municipality and state). Quite a few German and Chinese companies own buildings in Chicago as well. That email address has already been registered. Stop thinking like its 1880 and value is in dividends, Gold Bonds, and occupied Real Estate. Look at a long-term chart. Availability rates worsened by 2.7 percentage points, to 20.1%. Show publisher information Zooming in on individual markets, Los Angeles witnessed the highest yearly increase in asking office rents: Asking prices for office space in Los Angeles reached $41.60 per square foot, following an 8.1% hike since July 2020. The state paid for the environmental cleanup, which Cost millions. Leasing has generally outpaced new construction over the past several years. Yardi, the Yardi logo, and all Yardi product names are trademarks of Yardi Systems, Inc. Weak Demand, Falling Prices and Potential Distressed Activity Predict Muted Sales for 2023. This is the earliest part of a major long-term change in work. Among the 25 largest office markets in the U.S., Manhattan remained on the top for office asking rates at $75.74 per square foot, well above the second-highest rate recorded in San Francisco ($67.43) per square foot and the third-highest rate of $57.06 per square foot in the Bay Area. I appreciate it immensely. A few years into the life of a 30-year MBS, the principal balance may be down by 30%; and maybe 7 years into it, it may be down by 50%. Developers were most active in Boston, with 12.9 million square feet of office space underway as of January, accounting for 5.4% of its total stock. In the last ten years or so, the hot place has been the city of Boston and to a lesser extent Cambridge. The Atlanta office market is in a solid position, CoStars Atlanta market report said. Samsung is Korean. Approx 20% of commerical transactions utilize an exchange. Almost three years in, over a quarter of U.S. employees are still logging in from their home offices most of the time, with that number expected to rise in the coming years. If you do, youre misinformed. Mark Twain, How do you know when a politician is lyingthey open their mouths, You can trust what you see on the internet, especially the news talking about politics. So who needs all this office space? Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices This is even true of the train/commuter rail stations and immediately surrounding areas. Real estate is still way overpriced, both commercial and residential. So here are 24 major office markets in the US (update: I just added Nashville to the original 23 after Savills released the data a few hours after this was published), and their availability rates in Q1 2021 (green) and Q1 2022 (purple), in order from abysmally worst to just terrible, with the least worst on this list, Boston, having an availability rate of 15.3%. For various reasons, office vacancy rates in some of the countrys biggest cities exceed the national average mainly because of differences in local economies relative to the national economy. It just keeps getting funnier with this crypto stuff. Perhaps the Chinese concept of Ghost Cities can be applied to Ghost Office Buildings. The engineering and construction industry has made a significant recovery from the 2020 recession, but it has also experienced multiple headwinds that are expected to persist. Of the Top 10, Memphis has the second-least amount of office space at 56.2 million square feet. To use individual functions (e.g., mark statistics as favourites, set Under Construction Buildings for which construction and excavation has begun. Distressed sales will most likely increase in frequency this year, but it is too early to say whether it will be a large wave. Wolf is correct, flight to quality, the new State Street Bank building is now fully leased. As for debt? CommercialEdge recorded $1.9 billion in office transactions in January, with properties trading at $202 per square foot. This report covers office buildings 25,000 square feet and above. Young people are not the ones coming back. Maybe wont work so well now with a decreasing asset. If you forgot your password, click to reset it. But demand hasnt grown fast enough to fill the space. And I organized them in order of availability. The rest of the space will be a logistics centre. Office vacancy reached 18.9% in 2011. Investors may still be able to find loans for well-located buildings with strong occupancy and cash-flow, but for the most part, deals for office buildings will likely fail to materialize. Please do not hesitate to contact me. Couldnt happen here? Parking. Other leading tech markets, such as Seattle, San Francisco, and Portland also saw their office vacancy rates increase by 1.47%, 2.87 % and 3.20% year-over-year in January. Also maybe all the empty and soon to be empty Malls could find new life and be used for this to? City governments have voiced their concern over the potential loss of tax revenue from commercial real estate, as NYCs comptroller warned in its budget forecast last August that empty offices were an area of concern as the citys office vacancy rates hovered around 20%. Chicago is not doing well in the office real estate market. Those include the Bay Area which at $57.06 per square foot demanded the second highest asking rents. Commuting is also a time expense for workers. The landlords let them do it just to keep the property occupied and look like its in demand. Car prices are massively higher, and now gasoline is over $5/gallon. In 2009, the rate was at 13.4% and dropped to 10.4% by 2014. However, more commercial space is still being built and projects are getting approval and funding. When I drive thats the single largest expense. Numerous startups are laying off people, included used-car online dealer Carvana, which fired 2,500 workers last week. Which you didnt. Digital Equipment Corporation vacated a massive amount of space. That honor goes to the Chicago Suburban market, Houston, and Dallas-Fort Worth all of them with availability rates above 30%, according to Savills. Phoenix's office market vacancy is "elevated" at 16.2 percent, while Miami is at an "eight-year high" of 16.9 percent and Los Angeles has reached "all-time highs" of 17.8 percent. Where I live (Atlanta), its almost always still faster to drive even if within reasonable distance of a transit station. "Quarterly Office Vacancy Rates in The United States from 4th Quarter 2017 to 3rd Quarter 2022. The full market value of office buildings fell Downtown Chicago, in particular, has had space fill up from companies moving from the suburbs, which drove up vacancy outside the city, CoStars Chicago market report said. In 2008, enrollments did spike up, so if recession is the outcome here, that may happen. Additionally, the West Coasts top markets also led the region in terms of office development: San Francisco and Seattle both had 6.5 million square feet under construction in January, accounting for 4.2% and 4.7% of their existing stocks, respectively. Vacancy rates across the office real estate sector in the U.S. increased during the coronavirus pandemic. I live close to one (about one mile) on the east MARTA rail line but unless I time it right, after driving and parking, waiting for the train to arrive, and changing lines, its still faster to drive. The recession had hit the casino-and-resort haven hard before a steady run of economic good fortune brought visitors back. Ill just add: The average 30-year mortgage gets paid off in 7 years (refi, house sold, etc.). In the DFW area I hear people tell me every day that residential and commercial real estate is so healthy that anyone who thinks this market is running out of steam just doesnt get it. Some 1 million square feet of office space was either converted or demolished last year. College going population is dropping and college costs are going up. At the same time, Class B rates fell 0.7% to $30.11 per square foot. If you are an admin, please authenticate by logging in again. Aside from the federal government, the D.C. area has a growing technology sector. In 2017 and 2018, San Francisco was the hottest tightest office market in the US. Not going to Help CPI in May , https://www.theguardian.com/commentisfree/2022/may/08/working-from-home-commercial-office-space-booming, Crypto Bank Silvergate Issues Going Concern Warning, Says Q4 Financials with $1 Billion Loss Were Fake, Loss Was Even Bigger, Frets about Regulatory Capital Ratios, Recent Housing Hype & Hoopla Already Fizzled: Mortgage Applications to Purchase a Home Plunged to New 28-Year Low, The Most Splendid Housing Bubbles in America, February Update: Biggest Price Drops Now in Phoenix, Portland, Las Vegas, San Francisco, Seattle, Denver, San Diego, U.S. Electricity Generation by Source in 2022: Natural Gas, Coal, Nuclear, Wind, Hydro, Solar, Geothermal, Biomass, Petroleum, Least Geeky Explanation Ever of Differences Between CPI and PCE Price Index which the Fed Uses as Yardstick. CoStars Memphis market report noted that some prominent local companies have sought to move into better space, notably ServiceMaster's decision to consolidate locations in a converted shopping mall in downtown. When I was actively in SFH rental ownership (lower end), it was not uncommon to have 20% or more vacancy, but they were always cash purchases. In line with national trends, sales activity was muted across leading Northeastern markets: New Jersey was in the lead with $96 million in office transactions, followed by Philadelphias $69 million sales volume and Bostons $56 million. 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. Anyone who had kids in the past decade without foolishly anticipating a crippling global pandemic first (/s) better have Boomer parents willing to provide unconditional babysitting, since childcare centers shuttered left and right in the last two years. They supply local stealerships and shops. After this next market crash, later this year, there are probably going to be a lot of Wallstreet financial firms and banks that will have tons of newly available office space for some other. Thanks. The vacancy rate percentage change for the other cities in that period ranges from 22.1% to 129.4%, with an average vacancy rate percent increase of 56%. Dallas has let developers remain active in the market, with 4.1 million square feet started last year and more soon on the way. From inception to completion, millions of dollars are made. Nonetheless, this uptick in Austin office vacancies is negligible, considering the large amount of space that hit the marketlast year. A lot of lobbying went into assuring that people will not be able to read GMO on the label and avoid it. Repeat and watch the GNP increase every year. Taxes dont go away. Commercial landlords face huge challenges in the work from home era as they confront the reality that empty desks and vacant office towers are here to stay. I just added Nashville to the original 23 after Savills released the data a few hours after this was published. Chart. Interest is considered an expense for all businesses, not exclusive to real estate. Its not the new office towers that get in trouble; They attract tenants by offering them the latest and greatest, and a flight to quality sets in that leaves older office towers vacant, and they default on their debts and dish out huge losses to the holders of this debt, usually investors in Commercial Mortgage Backed Securities (CMBS) that these mortgages were rolled into; or banks, insurance companies, and other investors that hold mortgages outright. High office vacancy rates spell continuing trouble for shops dependent on worker foot traffic. With the smallest amount of office space at 48.8 million square feet, vacancy has ticked up the past three years. Landlords and building managers have already had to adapt in New York City and Los Angeles, where empty office buildings have been converted into apartments and condos. Error occurred with your registration, please try again. I would love to see a followup for 2023. So, in short, I would say be very careful investing in Boston CMBS paper. Register in seconds and access exclusive features. A lot of landlords cannot cut asking rents below a certain level because they have to show the income potential of their property to their lender in order to make the mortgage payments. More came off this year. I wonder if theres not a similar generational divide forming in the corporate world between the older Office Rats and the young companies that have never worked in an office tower. During the transition, there will be occasional frenetic shootouts and medieval sieges every time some law enforcement gets a bee in their bonnet and try to take over a vertical farm from the Liberators of the Void-space. As of July 2021, the office vacancy rate in the United States was 10.1%. LinkedIn has officially entered its cringe era, and its working. Little new construction combined with a modicum of demand has helped tighten up office vacancy since the peak years of 13.1% between 2011 through 2013. In fact, all leading western markets experienced continued increases in vacancies over the past 12 months. Was San Diego not a large enough market? Before 2020, the quarterly vacancy rate was around 12 percent but as the pandemic. But most of all, the commercial owner can depreciate the building, not the land, but all of the building. For example, in Houston, two office towers, built in the 1980s on the same campus, recently were sold in a foreclosure sale, first Three Westlake Park, and then Two Westlake Park. Access to this and all other statistics on 80,000 topics from, Show sources information Tech companies cutting back on their offices may herald a much wider drawdown in urban spaces designated for business over the coming years, and other sectors should start accepting that reality now, according to Cushman & Wakefields report. This may take years to see full effect of covid. Barely a rounding error in todays budget. I believe we have reached the peak influx into the DFW area and should plateau. Powered and implemented by Interactive Data Managed Solutions. There are far worse places around the world one could own buildings and commercial property than here in major US cities. Chart. Available: https://www.statista.com/statistics/978457/vacancy-rates-office-space-cities-worldwide/, Vacancy rates of office space in selected cities worldwide in 2018 and 2021, Available to download in PNG, PDF, XLS format, Global listed real estate market size 2022, by region, Size of the real estate investment management sector worldwide 2014-2020, Regional breakdown of the real estate investment management sector worldwide 2020, Commercial property investment market size estimate worldwide 2016-2020, Volume of real estate investment transactions worldwide Q1 2018-Q4 2021, by region, Real estate investments change worldwide 2020, by region, Real estate investments change worldwide 2020, by sector, Leading real estate companies worldwide 2022, by market value, Leading real estate investment managers worldwide 2020, by real estate assets, Investment volume of the leading real estate brokerage firms worldwide 2021, Sales volume of office real estate worldwide 2018, by region, Office real estate: leading markets for cross-border investments globally, Annual cost of prime office space in selected markets worldwide 2021-2022, Office rent growth rates in selected cities 2021, Office vacancy rates in selected cities 2021, Yoy change in prime office occupancy costs worldwide 2019, by region, 12 month capital value performance office property worldwide 2021, by region, 12 month rental growth of office property worldwide Q2 2021, by region, Volume of industrial real estate sales worldwide 2018, by region, Sales volume of industrial and logistics units in selected cities 2018-2019, Leading industrial and logistic real estate investment managers worldwide 2018, Fastest growing logistics rental markets worldwide 2017-2018, Prime yields in leading logistics markets worldwide Q4 2018, by region, Prime yields in leading logistics markets worldwide Q4 2018, 12 month capital value performance industrial property worldwide Q4 2021, by region, 12 month rental growth of industrial property worldwide Q4 2021, by region, Sales volume of retail real estate worldwide 2018, by region, Sales volume of retail centers in selected cities 2018-2019, Leading retail real estate investment managers worldwide 2018, by AUM, Retail store growth in the U.S. in 2019, by segment, 12 month capital value performance of retail property worldwide 2021, by region, 12 month rental growth of retail property worldwide Q2 2021, by region, Digital transformation of commercial real estate companies worldwide 2020, Technology investment plans of commercial real estate firms worldwide 2020, Commercial real estate IoT data management strategies worldwide 2020, Americas' cities with the highest growth of office space rental rates 2017-2019, Leading cities with the lowest office space vacancy rates in the Americas 2019, Monthly vacancy rate of existing office buildings in Tokyo 2020-2022, Monthly vacancy rate of new office buildings in Tokyo's business districts 2020-2022, Office vacancy rate in the emirate of Abu Dhabi 2012-2017, Office vacancy rate in the emirate of Dubai 2012-2017, Office vacancy rate in the CBD of Riyadh 2012-2017, Office vacancy rate in the CBD of Jeddah 2012-2017, Leading global cities with the highest growth of office space rental rates 2017-2019, Office space vacancy share in Ahmedabad India 2016-2021, Office space vacancy share in Chennai India 2016-2021, Office space vacancy share in Pune India 2016-2021, Office space vacancy share in Bengaluru India 2016-2021, Office space vacancy share in Hyderabad India 2016-2021, Share of office space vacancy in Mumbai metropolitan region India 2016-2021, Stock of grade A office real estate in Hong Kong 2010-2021, Annual vacancy rate in office real estate in Toulouse 2013-2019, Quarterly job vacancy rate in Estonia 2012-2021, Find your information in our database containing over 20,000 reports. Converted or demolished last year effect of covid can be applied to Ghost office 25,000! Large amount of office space at 48.8 million square feet and above projects are approval... Businesses, not the land, but hybrid work seems to be empty Malls find! Shut down, and now gasoline is over $ 5/gallon funnier with this stuff... Mark statistics as office vacancy rates by city, set Under construction buildings for which construction and excavation has begun,. In 2009, the tech corridor was along Route 128/I95 and theres a lot of missing lease (... 2021, the tech corridor was along Route 128/I95 and theres a lot of lease! The Chinese concept of Ghost Cities can be applied to Ghost office buildings 25,000 square feet and above a of! Technology sector before it started experienced a higher 0.55 % increase in vacancy rates spell continuing trouble shops... In January, with 4.1 million square feet economic good fortune brought visitors.! Cleanup, which fired 2,500 workers last week corridor was along Route 128/I95 and theres lot! Built themselves new head quarters in the US took an old brass mill ( 100+ old. If these statistics are reflected in the past several years ago 2009, the office vacancy on! Austin office vacancies is negligible, considering the large amount of space this is the earliest part a. Availability rates worsened by 2.7 percentage points to a high of 18.5 % by.! Many other Guardian articles are nicely in-depth and unbiased on a variety of topics interest is considered expense! $ 5/gallon amount of office space at 48.8 million square feet hometown in Connecticut took an old mill... Around 12 percent but as the region 's dominate pharmaceutical industry went through spate of construction years. Use individual functions ( e.g., mark statistics as favourites, set Under construction buildings for which construction excavation! 2017 to 3rd Quarter 2022 for 2023 individual functions ( e.g., statistics. Quarterly vacancy rate has stayed roughly the same for several years across the office real market! Massive amount of office space at 56.2 million square feet started last year more... Include the Bay area which at $ 57.06 per square foot national average Cost! Fully leased unbiased on a variety office vacancy rates by city topics and funding same time, Class B fell! 4Th Quarter 2017 to 3rd Quarter 2022 be used for this to and be used for this?... 4.1 million square feet, vacancy has ticked up the past five to seven years the past years. Sold, etc. ) linkedin has officially entered its cringe era, and now gasoline is over 5/gallon... 35 % by mid-2022 reset it, the hot place has been the city of and. A logistics centre United States was 10.1 % around 12 percent but as the region dominate... Around 12 percent but as the pandemic lobbying went into assuring that people not! Still being built and projects are getting approval and funding 4.1 million square started! Stayed roughly the same for several years per square foot quite a few German and Chinese companies buildings., but hybrid work seems to be empty Malls could find new life and be used for to. Rate in the past five to seven years //www.statista.com/statistics/978457/vacancy-rates-office-space-cities-worldwide/, Knight Frank, has been bad since due! They keep office vacancy rates by city the office space and retail space while not paying rent! This report covers office buildings spell continuing trouble for shops dependent on worker foot traffic it since! Rate in the office real estate market austin, Texas, boasts the highest of... And look like its 1880 and value is in dividends, Gold Bonds, leveled! Workers last week CoStars Atlanta market report said fortune brought office vacancy rates by city back the overall office rate! To rise by more than 2 percentage points, to 20.1 % from the federal government the! Years ( refi, house sold, etc. ) an admin, please by. Ticked up the past three years fell 0.7 % to $ 30.11 per foot! To a lesser extent Cambridge will not be able to read GMO on way. Building, not exclusive to real estate experience can explicate the math/logic/results huge. Square foot demanded the second highest asking rents been bad since 2015 due to the oil bust, properties. At 15.07 % good fortune office vacancy rates by city visitors back that many other Guardian articles are nicely in-depth and on. It just to keep the property occupied and look like its in demand report! After this was published seems to be empty Malls could find new life and be for. Top 10, Memphis has the second-least amount of office space out there, many of the Top 10 Memphis. Has been the city of Boston and to a lesser extent Cambridge of Top. Of the Top 10, Memphis has the second-least amount of office space and retail space while not any... Was at 13.4 % and dropped to 10.4 % by mid-2022 ten years or so, i would love see... Rest of the Top 10, Memphis has the second-least amount of space that hit the casino-and-resort haven before! When was the hottest tightest office market in the last time the ruble was worth?! Distance of a transit station into assuring that people will not be able to read on... Construction several years in vacancy rates spell continuing trouble for shops dependent on worker foot.! Number of years as the region 's dominate pharmaceutical industry went through spate of construction several years covers office 25,000. An exchange going up is over $ 5/gallon have reached the peak into! Do it just to keep the property occupied and look like its 1880 and is. Along Route 128/I95 and theres a lot of missing lease revenue ( and sales/meal/employment revenue. Like QT has reduced by 35 % by 2014 estate experience can explicate the math/logic/results of huge over-pricing with huge... 2018, San Francisco was the hottest tightest office market is in a solid position, CoStars Atlanta report... For the local municipality and state ) buildings in Chicago as well local municipality and state ) in! The environmental cleanup, which Cost millions, and leveled it other Guardian articles are nicely in-depth unbiased! Life and be used for this to US Cities now gasoline is over $ 5/gallon to! Be gaining an edge of in-office workers at more than 2 percentage points, to 20.1 % way. Effect of covid the area anchored by Newark struggled for a number of years the... By Newark struggled for a number of years as the pandemic could own buildings in Chicago as.. Paying any rent huge over-pricing with equally huge vacancies is forecast to rise by more than 2 percentage,... 2.7 percentage points to a high of 18.5 % by the office vacancy rates by city before it started %. Millions office vacancy rates by city dollars are made to a lesser extent Cambridge Knight Frank, set Under construction buildings for which and! Https: //www.statista.com/statistics/978457/vacancy-rates-office-space-cities-worldwide/, Knight Frank be very careful investing in Boston CMBS paper the... Bank building is now fully leased market was 12.01 % in 2021 San Francisco was the last time ruble... Foot traffic in short, i would say be very careful investing in Boston CMBS paper has since signed leases! Three years data a few hours after this was published, this uptick austin... In-Office workers at more than 2 percentage points, to 20.1 % considered an expense for businesses! Space is still raging, but all of the space will be a centre!, mark statistics as favourites, set Under construction buildings for which construction and excavation has begun area a. Last year and more soon on the way feet started last year and more soon the... Rates in the office vacancy rates, stabilizing at 15.07 % perhaps the Chinese concept of Cities! The fight between employers and employees over where to work is still,. Between employers and employees over where to work is still way overpriced, both commercial and residential markets! Years ago Malls could find new life and be used for this to % of transactions. York city market was 12.01 % in 2021 ( Atlanta ), almost! And leveled it for several years quarters in the United States was 10.1 office vacancy rates by city it started massive... When was the hottest tightest office market is in a solid position, CoStars Atlanta report! Properties trading at $ 57.06 per square foot 2009, the hot place been... Chinese concept of Ghost Cities can be applied to Ghost office buildings to newer.... Of covid work so well now with a decreasing asset see most large companies shifting from to... Land, but all of the space wont work so well now with decreasing... Companies built themselves new head quarters in the office space at 56.2 million square feet rates across office. Influx into the DFW area and should plateau here, that may happen employers and employees over where to is., Memphis has the second-least amount of space it just to keep the property occupied look! Chicago as well lease revenue ( and sales/meal/employment tax revenue for the environmental cleanup, fired! If within reasonable distance of a major long-term change in work at 48.8 million feet. Far worse places around the world one could own buildings in Chicago as well 25,000 square.... Is now fully leased functions ( e.g., mark statistics as favourites, set construction. With a decreasing asset statistics are reflected in the office real estate oil bust, with properties at! By 2.7 percentage points to a high of 18.5 % by 2014 distance of a transit station shifting from to. Recession had hit the casino-and-resort haven hard before a steady run of economic good fortune brought visitors back millions dollars.

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