Vacancy rate of downtown and suburban office real estate in the U.S. 2016-2023

Published by Statista Research Department, Apr 30, 2024

The office real estate leasing market in the United States was severely affected by the coronavirus pandemic. Before the pandemic, the average vacancy rate of downtown offices was 10.5 percent and in 2023, it increased to 17.9 percent. Suburban offices were less affected, with the vacancy rate rising from 12.6 percent to 16.4 percent.

Vacancy rate of downtown and suburban office real estate in the United States from 2016 to 2023 (in million square feet)

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Release date

January 2024

Region

United States

Survey time period

2016 to 2023; as of Q4 of each year

Age group

18 years and older

Special properties

all classes

Supplementary notes

Historical averages calculated by Statista using figures from Colliers' Office market outlook. Unless specified, the figures refer to Q4 of each year.

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