National Office Statistics

The national average office space vacancy rate increased by a half-point to 14.7%, with Central Idaho at the low end with 2.1% vacancy and Houston at the top with 22.5% vacancy. San Francisco is in the middle at 13.1%.  Suburban office vacancy is about the same, at 14.8%, as compared to Central Business District vacancy of 14.2%. During the past quarter we had a negative net absorption of 18.6%, and to put a positive spin on this it is not as bad as it was Q1 2021 when we had a 46.1 million negative net absorption.  Overall Class A office rents nationwide are $40.36, with San Francisco at $83.03/rsf and Manhattan at $79.01/rsf. This Colliers report may be accessed  here.