National office market net absorption measured 1 million square feet in the fourth quarter, the first period of occupancy growth since late 2019 — of the 56 markets tracked by Newmark, 33 recorded positive absorption in the fourth quarter 2021, led by Salt Lake City, Seattle and San Francisco.
Modestly positive net demand slowed vacancy growth, which increased just 18 basis points from the previous quarter to 16.7 percent. And asking rents continue to appreciate, though at a slowing rate — average asking rents rose 1.8 percent over the past year, reaching $30.96/square foot.
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