The US office vacancy rate rose by 10 basis points in the first quarter of 2020, according to the Quarter One 2020 Office Market Outlook published by Colliers International this month, although the rate is still at a historic low despite the new coronavirus.
The US office vacancy rate currently sits at 11.5%, according to the report. Even with the increase, office vacancy rates are below the average for the past 21 consecutive quarters. Two-thirds of the US office markets have rates below the national average of 10.3%. Seattle has the lowest vacancy rate of the major markets at 6.8%.
Stephen Newbold, national director of office research at Collier International in Washington DC, wrote in the report that the most lasting effect of COVID-19 on the US office markets "could come from firms reassessing their space needs and the flexibility of their lease agreements."
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Dan Clark
Dan covers cyber security, legal operations and intellectual property for Corporate Counsel. Follow him on Twitter @Danclarkalm.
