Some office landlords are finding that as vacancies increase in their buildings, insurance is harder to secure as they are now exposed to greater losses from fire, theft, and vandalism, according to the publication Business Insurance.
The U.S. office vacancy rate rose to a record 19.6% in Q4 2023, up from 19.2% in Q3, and 18.7% in Q4 2022, according to a report by Moody's Analytics.
Denver, Los Angeles, Philadelphia, San Francisco, and Seattle had more than 1 million square feet of office space vacated last year.
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