Office Market Sees Shift: Vacancy Rates Fall
Update: 2025-11-18
Description
The U.S. office market is experiencing a slight turnaround, with the vacancy rate dropping to 18.8% in Q3, the first decline since early 2020. This shift is driven by increased leasing activity, particularly in financial services and tech sectors, and a slowdown in new office construction. BXP, a major office REIT, sees the market hitting bottom, with lower interest rates attracting capital back into office real estate. High-end office buildings, or premier workplace segment, are performing well, with financial firms eager to return to quality spaces. However, the broader market still faces challenges, including overbuilt areas and potential conversions to residential units.
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