{"id":3367,"date":"2024-07-19T08:56:02","date_gmt":"2024-07-19T08:56:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/blog\/?p=3367"},"modified":"2025-11-12T10:19:32","modified_gmt":"2025-11-12T10:19:32","slug":"june-national-office-report-listing-rate-sales","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/blog\/june-national-office-report-listing-rate-sales\/","title":{"rendered":"June National Office Update: National Listing Rate Rests at $37.72"},"content":{"rendered":"

A recent office report by CommercialCafe highlights a clearer outlook on the office sector, and investors are beginning to come to terms with lower property valuations and office utilization.<\/p>\n

One of the main drivers of the high, industry-wide vacancy rates (primarily due to remote and hybrid work models) is becoming entrenched in the job market. To that end, office access control company Kastle has been analyzing office attendance rates since the pandemic. Its Back to Work Barometer has not significantly changed in the last year across the top 10 surveyed markets, which indicates a stabilization in the remote and on-site distribution.<\/p>\n

Meanwhile, despite higher for longer lending rates, the anticipated wave of distress has largely not materialized. Rather, long lease terms and renegotiations have caused most delinquencies to arise gradually, instead of all at once \u2014 although distress may become more noticeable through the rest of 2024 and 2025, according to CommercialCafe. Additionally, a lack of comparable sales has compounded with difficulties in accessing credit, which has led to low sales activity, even as a historically low supply pipeline is weakening its effects.<\/p>\n

\u201cAcceptance of the current office situation is becoming more widespread,\u201d said Peter Kolaczynski, director at Yardi Research Data. \u201cWe anticipate more finality at the individual property level with an increase in distressed assets showing up. With this idea of \u2018acceptance,\u2019 we would also expect more creativity and ingenuity on how to handle this glut of space as the industry recognizes we are still in the early phases of what is likely to be a multi-decade reshuffling.\u201d<\/p>\n

National Listing Rate Reaches $37.72, Down 1.7% Y-o-Y<\/h2>\n

At the national level, the average full-service equivalent listing rate rested at $37.72 per square foot at the end of May. That represented an increase of six cents compared to the previous month, but a drop of 1.7% year-over-year (Y-o-Y).<\/p>\n

While the flight to quality continues to be evident in office vacancies by class, rates for A and A+ office space have nevertheless dropped by 4.3% Y-o-Y, stopping at $44.91 per square foot. At the same time, Class B space went for $30.52 per square foot, up 0.5% Y-o-Y, while Class C space listing rates increased 1.2% to $23.65, on average. Notably, the drop in Class A and A+ office listing rates was primarily due to declining demand for offices in central business districts, which fell by almost 7% Y-o-Y as tenants continue to reorient themselves toward more convenient office locations in urban and suburban areas.<\/p>\n

More precisely, Manhattan, N.Y., claimed the highest listing rate as of May with $71.30 per square foot, representing a yearly drop of 3.1%. Then, San Francisco and the Bay Area were the next-most expensive locations with rates of $60.79 and $53.70, respectively. However, the largest drop of 11.1% was recorded in San Diego as rates ended at $42.54 per square foot, while the life sciences-rich market of Boston saw listing rates increase by 10.8% to reach $46.71 in the same timespan.<\/p>\n

U.S. Office Sales Surpass $10B Year-to-Date in May<\/h2>\n

Office transactions totaled $10.2 billion year-to-date as of the end of May for an average of $165 per square foot. Even so, Manhattan \u2014 the office market that historically has held the first spot for transaction volume \u2014 fell all the way to fifth place so far this year, seeing $570 million in sales by the end of May. The nationwide decrease in sales was also even sharper in Manhattan. Granted, sales volume was also hit by drops in average sale prices, which have fallen by 66% compared to 2023.<\/p>\n

Washington, D.C. ($1 billion); the Bay Area ($795 million); Boston ($761 million); and Houston ($718 million) were the four markets that surpassed Manhattan in sales volume year-to-date.<\/p>\n

For more details and additional information, consult CommercialCafe\u2019s complete national office report<\/a>.<\/p>\n

Looking for office space? Start your search on our homepage<\/a> and make the most of our specialized search filters including location, price range and available space. Alternatively, look for office spaces in one of the following top markets:<\/p>\n\n\n\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t
Office space in New York City<\/a><\/td>Office space in Phoenix<\/a><\/td>Office space in San Francisco<\/a><\/td>\n<\/tr>\n
Office space in San Antonio<\/a><\/td>Office space in Atlanta<\/a><\/td>Office space in San Diego<\/a><\/td>\n<\/tr>\n
Office space in Manhattan<\/a><\/td>Office space in Austin<\/a><\/td>Office space in Las Vegas<\/a><\/td>\n<\/tr>\n
Office space in Fort Worth<\/a><\/td>Office space in Boston<\/a><\/td>Office space in Seattle<\/a><\/td>\n<\/tr>\n
Office space in Portland<\/a><\/td>Office space in Miami<\/a><\/td>Office space in Philadelphia<\/a><\/td>\n<\/tr>\n
Office space in Dallas<\/a><\/td>Office space in Chicago<\/a><\/td>Office space in Denver<\/a><\/td>\n<\/tr>\n
Office space in Houston<\/a><\/td>Office space in Los Angeles<\/a><\/td>Office space in Arlington<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n","protected":false},"excerpt":{"rendered":"

At the end of May, the national listing rate for office space rested at $37.72 per square foot, six cents above the previous month but still down year-over-year. San Diego saw the largest drop in listing rates at more than 10%, while Boston increased by about 10% in the same timespan. Washington, D.C. recorded the largest year-to-date sales volume at $1 billion.<\/p>\n","protected":false},"author":71,"featured_media":3368,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[34],"tags":[64,30,71,74,16],"class_list":["post-3367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-office-reports","tag-boston-ma","tag-houston-tx","tag-manhattan-ny","tag-san-diego-ca","tag-san-francisco-ca"],"acf":[],"yoast_head":"\nJune Office Market Update: National Listing Rate at $37.72<\/title>\n<meta name=\"description\" content=\"As the office sector becomes more attuned to the ongoing turbulence, listing rates stabilize despite drops in central business districts.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/blog\/june-national-office-report-listing-rate-sales\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"June Office Market Update: National Listing Rate at $37.72\" \/>\n<meta property=\"og:description\" content=\"As the office sector becomes more attuned to the ongoing turbulence, listing rates stabilize despite drops in central business districts.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/blog\/june-national-office-report-listing-rate-sales\/\" \/>\n<meta property=\"og:site_name\" content=\"CommercialSearch\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-19T08:56:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-11-12T10:19:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2024\/07\/Modern-office-space-with-treetops.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1300\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lucian Alixandrescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lucian Alixandrescu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/june-national-office-report-listing-rate-sales\/\",\"url\":\"https:\/\/www.commercialsearch.com\/blog\/june-national-office-report-listing-rate-sales\/\",\"name\":\"June Office Market Update: National Listing Rate at $37.72\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/june-national-office-report-listing-rate-sales\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/june-national-office-report-listing-rate-sales\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2024\/07\/Modern-office-space-with-treetops.jpg\",\"datePublished\":\"2024-07-19T08:56:02+00:00\",\"dateModified\":\"2025-11-12T10:19:32+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/#\/schema\/person\/8dcdbe23ce3338721621dd397997da66\"},\"description\":\"As the office sector becomes more attuned to the ongoing turbulence, listing rates stabilize despite drops in central business districts.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/june-national-office-report-listing-rate-sales\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/blog\/june-national-office-report-listing-rate-sales\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/june-national-office-report-listing-rate-sales\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2024\/07\/Modern-office-space-with-treetops.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2024\/07\/Modern-office-space-with-treetops.jpg\",\"width\":1300,\"height\":800,\"caption\":\"A view of a modern glass office tower seen between tree branches\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/june-national-office-report-listing-rate-sales\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"June National Office Update: National Listing Rate Rests at $37.72\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/blog\/\",\"name\":\"CommercialSearch\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/#\/schema\/person\/8dcdbe23ce3338721621dd397997da66\",\"name\":\"Lucian Alixandrescu\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/47c96bd47696553c39e751aac1c63888f0d56c29e17a3b2e394409592d5630eb?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/47c96bd47696553c39e751aac1c63888f0d56c29e17a3b2e394409592d5630eb?s=96&d=mm&r=g\",\"caption\":\"Lucian Alixandrescu\"},\"description\":\"Lucian is a senior content writer for CommercialCafe, specializing in commercial real estate research and data-driven reporting since 2019. With deep expertise in industrial real estate, office markets, demographics, and economics, he produces comprehensive market studies and insights on national and regional CRE trends. He also reports on adjacent subjects such as population shifts and the job market. His reports have been cited by and featured in The New York Times, Forbes, NBC, Bisnow, The Business Journals, and Yahoo Finance. Lucian holds a background in language and literature studies and brings more than 5 years of previous freelance writing experience to his commercial real estate journalism.\",\"url\":\"https:\/\/www.commercialsearch.com\/blog\/author\/lucian-alixandrescu\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"June Office Market Update: National Listing Rate at $37.72","description":"As the office sector becomes more attuned to the ongoing turbulence, listing rates stabilize despite drops in central business districts.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/blog\/june-national-office-report-listing-rate-sales\/","og_locale":"en_US","og_type":"article","og_title":"June Office Market Update: National Listing Rate at $37.72","og_description":"As the office sector becomes more attuned to the ongoing turbulence, listing rates stabilize despite drops in central business districts.","og_url":"https:\/\/www.commercialsearch.com\/blog\/june-national-office-report-listing-rate-sales\/","og_site_name":"CommercialSearch","article_published_time":"2024-07-19T08:56:02+00:00","article_modified_time":"2025-11-12T10:19:32+00:00","og_image":[{"width":1300,"height":800,"url":"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2024\/07\/Modern-office-space-with-treetops.jpg","type":"image\/jpeg"}],"author":"Lucian Alixandrescu","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Lucian Alixandrescu","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/blog\/june-national-office-report-listing-rate-sales\/","url":"https:\/\/www.commercialsearch.com\/blog\/june-national-office-report-listing-rate-sales\/","name":"June Office Market Update: National Listing Rate at $37.72","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/blog\/june-national-office-report-listing-rate-sales\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/blog\/june-national-office-report-listing-rate-sales\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2024\/07\/Modern-office-space-with-treetops.jpg","datePublished":"2024-07-19T08:56:02+00:00","dateModified":"2025-11-12T10:19:32+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/blog\/#\/schema\/person\/8dcdbe23ce3338721621dd397997da66"},"description":"As the office sector becomes more attuned to the ongoing turbulence, listing rates stabilize despite drops in central business districts.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/blog\/june-national-office-report-listing-rate-sales\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/blog\/june-national-office-report-listing-rate-sales\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/blog\/june-national-office-report-listing-rate-sales\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2024\/07\/Modern-office-space-with-treetops.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2024\/07\/Modern-office-space-with-treetops.jpg","width":1300,"height":800,"caption":"A view of a modern glass office tower seen between tree branches"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/blog\/june-national-office-report-listing-rate-sales\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/blog\/"},{"@type":"ListItem","position":2,"name":"June National Office Update: National Listing Rate Rests at $37.72"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/blog\/#website","url":"https:\/\/www.commercialsearch.com\/blog\/","name":"CommercialSearch","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/blog\/#\/schema\/person\/8dcdbe23ce3338721621dd397997da66","name":"Lucian Alixandrescu","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/47c96bd47696553c39e751aac1c63888f0d56c29e17a3b2e394409592d5630eb?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/47c96bd47696553c39e751aac1c63888f0d56c29e17a3b2e394409592d5630eb?s=96&d=mm&r=g","caption":"Lucian Alixandrescu"},"description":"Lucian is a senior content writer for CommercialCafe, specializing in commercial real estate research and data-driven reporting since 2019. With deep expertise in industrial real estate, office markets, demographics, and economics, he produces comprehensive market studies and insights on national and regional CRE trends. He also reports on adjacent subjects such as population shifts and the job market. His reports have been cited by and featured in The New York Times, Forbes, NBC, Bisnow, The Business Journals, and Yahoo Finance. Lucian holds a background in language and literature studies and brings more than 5 years of previous freelance writing experience to his commercial real estate journalism.","url":"https:\/\/www.commercialsearch.com\/blog\/author\/lucian-alixandrescu\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2024\/07\/Modern-office-space-with-treetops.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/blog\/wp-json\/wp\/v2\/posts\/3367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/blog\/wp-json\/wp\/v2\/users\/71"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/blog\/wp-json\/wp\/v2\/comments?post=3367"}],"version-history":[{"count":2,"href":"https:\/\/www.commercialsearch.com\/blog\/wp-json\/wp\/v2\/posts\/3367\/revisions"}],"predecessor-version":[{"id":5959,"href":"https:\/\/www.commercialsearch.com\/blog\/wp-json\/wp\/v2\/posts\/3367\/revisions\/5959"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/blog\/wp-json\/wp\/v2\/media\/3368"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/blog\/wp-json\/wp\/v2\/media?parent=3367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/blog\/wp-json\/wp\/v2\/categories?post=3367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/blog\/wp-json\/wp\/v2\/tags?post=3367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}