Fresh confirmation, if it was needed, that the U.S. office market is in trouble comes from recent data on vacancy compiled by CommercialEdge in a June 2023 report.
"The national office vacancy rate in May was 17%, up 30 basis points over the previous month and 160 basis points over the prior year," the report notes. Even higher rates were recorded in tech markets such as Austin (20.6%), Denver (20.24%) and San Francisco (20%). Vacancy rates in Seattle rose 3.8%, with a sublease vacancy rate of 4.3%.
Markets with the largest share of remote work also saw the highest spike in vacancies.
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