Vacancy rate of office space in the U.S. 2024, by market
Among the major office markets in the United States, Miami had the lowest vacancy rate in the fourth quarter of 2024. Approximately nine percent of office space was vacant in that quarter, compared to 30.2 percent in San Francisco. Since the onset of the COVID-19 pandemic, the office real estate sector has had high office vacancies, affecting both downtown and suburban properties.