For the first time in more than a year, a region realized positive net absorption in the office sector when the South ecorded minor growth in Q4 2023, according to the Newmark Office View Report for Q4.
Net absorption totaled positive 1.5 million square feet during the quarter. Despite this, occupancy declined overall in the South when looking overall at 2023.
"Minimal leasing activity as a percent of inventory was relatively ubiquitous across most regions, indicating a slowdown in the momentum that had been gained in the prior two years in some secondary and Sun Belt markets," Newmark said.
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