Office Reports

Office construction pipeline declines, while medical office buildings continue to attract increasing amounts of investor attention.

Office leasing rates average $38.44 per square foot as firms consider shift to hybrid work models.

The national office sales volume topped $68B in November while vacancies averaged 15.2%.

The national leasing rate saw a 1.2% yearly increase while the sales volume topped $50 billion.

Average office asking rents in Tampa saw a higher year-over-year increase than Los Angeles office space, in August.

The emergence of the delta variant is pushing back return-to-office dates, but rents remain stable and vacancies are cooling.

Austin’s office market has been outpacing other Texas office markets in the last year as companies relocate from other place. After peaking in March, vacancies are starting to taper off.

Markets with an abundance of top tier office stock, where concessions are more negotiable than the asking prices, have partly supported the steady Y-o-Y growth of full-service equivalent listing rates throughout the pandemic.

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.