National Office Market Statistic Update

According to the Colliers Third Quarter 2021 report just out,  the national office vacancy rates is 14.9%, with Central Idaho being the lowest at 2.5% vacant and Houston the highest, at 23.2%. Currently there are 126.6 million square feet of new office projects under construction, including 12.3 million square feet in San Francisco. Net absorption turned positive for the first time since Q1 2020! The suburban and CBD vacancy rates are about the same, 14.5-15%.  “Asking rates are mostly holding up despite soft market fundamentals. The gap between asking and effective rents is widening as concessions continue to increase.” Highest average Class A CBD asking rates range from $45.80/rsf in Fort Lauderdale to $82.85/rsf in San Francisco.  To see this report with its great color graphics  click  here.   #SIOR #Nationalofficestats #officeleasing #officetrends #officetimes