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U.S. national office vacancy rate stands at 14.2%
Research - MAY 5, 2021

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U.S. national office vacancy rate stands at 14.2%

by Andrea Zander

The U.S. national office vacancy rate stands at 14.2 percent, up by 100 basis points from the first quarter, according to Colliers. The top U.S. metro office markets for vacancy rates are Houston and Dallas.

Suburban offices are up 90 basis points, at 14.5 percent, while CBD offices are up 120 basis points, at 13.5 percent.

There is about 136.1 million square feet of office space under construction. It remains slightly elevated compared to the previous cycle peak of 125.2 million square feet in the second quarter 2008. The San Francisco Bay Area market has the most square feet under construction, totaling 18.3 million square feet. New York follows with 14.9 million square feet.

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