Office occupiers expect to shrink their footprints by just under 3% on average in 2024, according to a current survey done in partnership with Corenet Global and Cushman & Wakefield.
This magnitude of tenant downsizing, countered by new entrants to the leasing market, lines up with Cushman & Wakefield's US Macro Outlook, published in December.
"Our base case scenario calls for an increase of vacancy of approximately 160 basis points this year before national vacancy declines in 2025," David Smith, head of Americas Insights, Cushman & Wakefield, said in a recent company news video.
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