Absorption rate of downtown and suburban office real estate in the U.S. 2016-H1 2023
The office real estate leasing market in the United States was severely affected by the coronavirus pandemic. Before the pandemic, the average absorption rate of downtown offices was 38.6 million square feet, meaning that the amount of office space newly occupied was almost 39 million square feet more than the space vacated. After the pandemic, this trend reversed and more space was vacated than occupied annually, leading to a negative absorption rate.
