To no one's surprise office investment sales continue to plummet, reaching $14.8 billion in the first half of 2023 compared to $43.7 billion in the same period last year, according to Commercial Edge. 

The national vacancy rate reached 17.1% in July, rising 180 basis points over figures from a year ago. Listing rates fell in several markets, including some of the most expensive such as New York City where they were down 2.8% year-over-year and in the Bay Area where they were down a greater 5.57% for the same period.

The different asset classes and different geographic markets saw different trajectories. Urban A and Class B buildings remain the hardest hit for new leases with asking rates falling and vacancies rising. The national average full-service equivalent listing last month was $37.82, an increase of 0.6% from a year ago but average rates for A and A+ spaces went down by 1.4% from last year to hit $45.41 per square foot. Class B, however, has inched up by 0.3% to $30.37 per square foot and Class C also went a bit higher at 0.3% to $23.04 YoY.