There are indications that U.S. office market fundamentals are set to shift in a positive direction, reports JLL.
“We are officially calling ‘bottom’ in the office sector as of October 1,” said Mike McDonald, senior managing director and office platform co-lead at JLL Capital Markets, in an interview with IREI. He noted that the office market has reached an inflection point in third quarter 2024 not only from a leasing fundamentals perspective, but also from a capital markets perspective, and preliminary third quarter volume (excluding medical office buildings) is estimated to be $11.3 billion, an increase of 33 percent, year-over-year — “which would make office the fasting-growing segment out of all of the main property types.”
According to JLL, 2024 year-to-date volume is up 6.9 percent year-over-year and is only some $10 billion from 2023 full-year volume. “2024 will almost certainly represent a step in the right direction in terms of deal flow, and
