The office segment continues to face headwinds with both vacancies and demand in the second quarter.
Overall, vacancies went up 55 basis points (bps) in the three months through June compared with the previous quarter, according to a report from Cushman & Wakefield. That represents a 20.5 percent vacancy rate, an all-time high. Since the onset of the pandemic, the category has gone up a total of 785 bps.
"This is a greater increase than in the wake of the Great Financial Crisis (+470 bps from 2007-2010) but still well below the Dot-Com increase (+915 bps from 2000-2003)," the research firm wrote.
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