Net absorption for US office product is trending positive in more than half of all major US metros, in a sign that changes are coming for the beleaguered sector.
Colliers data for Q3 shows that net absorption has turned positive in 56% of the metros the firm tracks, up from one-third in the second quarter. The metric is also inching toward positive territory nationally, with net absorption clocking in at 3.2 million square feet nationally. That's the first time the national office market has put up positive absorption numbers since the first quarter of 2020, prior to COVID-19.
The onset of the pandemic resulted in a cumulative 153.1 million square feet of negative absorption over the last five quarters, including a record low of negative 46.1 million square feet in Q1 2021, Colliers' Stephen Newbold says in a new analysis.
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