The office market in Q4 is a tale of two bifurcated office markets. On the one hand, primary office markets that account for much of the office footprint continue to suffer declining occupancy and rent growth. On the other hand, secondary/tertiary markets are experiencing rising occupancy and rent growth, the National Association of Realtors reported.
Overall, amid the economic uncertainty wrought by the emergence of the omicron COVID variant, fewer leases were signed and office occupancy fell again in 2021 Q4.
The office market recovery remains bifurcated, with rent growth in nearly all office markets except 13 metro areas among which are the primary commercial markets: New York, San Francisco, Chicago, Los Angeles, and Washington, D.C.
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