The struggle to maintain effective and asking rents for offices is real.

A new report that analyzed more than 3,400 lease comparables across 12 US office markets from 2019 to Q3 2023 from CBRE showed that effective rents in Class A+/A decreased by 1.2% since 2022 and those for Class B/C dropped by 3.9%.

Base rents for top-tier assets have increased for three consecutive years and are up by 2.6% since 2022.

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