Real Estate - SEPTEMBER 21, 2021

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U.S. office asking rates rest below $40 per sf in August

by Released

Average U.S. office asking rents inched up to $38.72 per square foot across the 50 largest U.S. office markets, plateauing at a 1.2 percent year-over-year increase, according to CommercialEdge. This marked a near-stall, as the national average values increased only $0.10 per square foot from the previous month.

Among the markets surveyed for the CommercialEdge report, full-service equivalent listing rate averages ranged between $21.93 per square foot and $83.91 per square foot. The highest year-over-year increase in August was recorded in Tampa, Fla., where rents averaged $31.01 per square foot following a 13.1 percent growth year-over-year. Coming in second, office space listing rates in Los Angeles ($41.42 per square foot) were on average 6.6 percent higher than in August 2020.

Cooler markets include Seattle, where office space asking rents averaged $36.01 per square foot last month, following a 1.5 percent year-over-year decrease. Office space in San Francisco hit t

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