Office market sees occupancy in positive territory for first time since Q2 2020

Following five consecutive quarters of negative net absorption, the office market appears to be turning a corner, according to Transwestern’s latest U.S. Office Market report. Fourth quarter 2021 net absorption registered 644,000 square feet, marking the first time the sector has reported occupancy growth since the onset of the pandemic. Boston, San Jose–Silicon Valley and Dallas–Fort Worth were the three largest contributors to this gain, posting quarterly absorption of 1.64 million square feet, 1.61 million square feet and 1.21 million square feet, respectively.

Of the 51 office markets tracked, 30 percent managed positive net absorption for full-year 2021, led by Las Vegas, Oklahoma City, Austin, a