{"id":3799,"date":"2024-11-18T08:29:14","date_gmt":"2024-11-18T08:29:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/blog\/?p=3799"},"modified":"2025-11-12T11:51:51","modified_gmt":"2025-11-12T11:51:51","slug":"october-office-market-stats-report","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/blog\/october-office-market-stats-report\/","title":{"rendered":"October Office Market Stats: Vacancy at 19.5%, Sale Prices Tumble"},"content":{"rendered":"

In October, office market stats and utilization levels remained mostly flat, despite headline-grabbing decisions by several companies to boost return-to-office mandates.<\/p>\n

For instance, Kastle\u2019s Back to Work Barometer, which tracks office badge swipes to calculate office attendance, posted an occupancy level of just above 51% for most of the year. Additionally, Kisi Access Control \u2014 a company that tracks office attendance through aggregated office unlocks \u2014 reported an average office occupancy of just more than 50% for the week ending September 30.<\/p>\n

While attendance has ticked up slightly since then to reach 51.7%, the rate is still below expectations given recent return-to-office mandates by several high-profile companies. Namely, Amazon, Dell, and Meta have all announced measures either encouraging or outright requiring office attendance in the near future.<\/p>\n

States with the highest office attendance rates include Illinois (56.1%), Texas (54.7%) and Florida (53.2%). Meanwhile, California (49.2%), Pennsylvania (47.8%) and New York (47.2%) had occupancy rates below the national average. Notably, Washington, D.C. posted an office occupancy rate of only 36.6%, which is to be expected given the prevalence of governmental offices in the market.<\/p>\n

While companies are mostly pulling for a full return to the office, utilization levels paint a different picture for the future of hybrid and remote work. Specifically, CBRE reports that although the number of new office leases mostly matches pre-pandemic levels, the average square footage of new leases has dropped by more than one-quarter due to employee demand for remote work opportunities in combination with sluggish job growth in office-using sectors.<\/p>\n

\u201cAs office physical occupancy data remains stubbornly low, it continues to magnify the problem that we have too much office space: Roughly 20% of the 7 billion square feet remains empty.\u201d<\/em><\/p>\n

\u2013 Peter Kolaczynski, Director, Yardi Research Data<\/strong><\/p>\n

National Listing Rate Rests at $32.89 per Sq. Ft., Sale Prices Tumble to $171 per Sq. Ft.<\/h2>\n

After an increase of $0.11 from the previous month, the national average full-service equivalent listing rate stood at $32.89 per square foot in September. In particular, following a 3% decrease since last year, Manhattan, N.Y., still records the highest listing rate at $67.93 per square foot, almost tied by San Francisco\u2019s $67.32. Then, Boston office space<\/a> completes the podium with an average rate of $58 per square foot.<\/p>\n

Incidentally, Boston also recorded the largest 12-month increase in listing lease rate by jumping 26.4% since September 2023. Other markets with double-digit price hikes included Miami offices<\/a> (up 16.3% to reach $52.87 per square foot); Orlando, Fla. (up 13.4% to $27.57); and Dallas (up 12.3% to $30.64).<\/p>\n

Otherwise, nine markets recorded decreases in average asking rates year-over-year, including Seattle (-7.1% to $35.17); Portland, Ore. (-5.6% to $27); and Chicago (-3.8% to $27.04).<\/p>\n

Switching over to sales, a total of $23.8 billion changed hands so far this year in office transactions, resulting in an average price per square foot of $171. CommercialCafe also reports that many properties are selling for discounted prices with some markets (such as the Chicago office market<\/a>) seeing drops of more than 50% in average sale prices.<\/p>\n

Year-to-date, Manhattan leads the list of total office sales volume with $2.7 billion, followed by D.C.\u2019s $2 billion and the Bay Area\u2019s $1.8 billion.<\/p>\n

For more information and a complete breakdown of the data, check out CommercialCafe\u2019s original office report<\/a>.<\/p>\n\n\n\n\n\t\n\t\n\t\n\t\n\t\n\t
New York City office spaces for lease<\/a><\/td>Houston office spaces for lease<\/a><\/td>Chicago office spaces for lease<\/a><\/td>\n<\/tr>\n
Manhattan office spaces for lease<\/a><\/td>Austin office spaces for lease<\/a><\/td>Los Angeles office spaces for lease<\/a><\/td>\n<\/tr>\n
San Antonio office spaces for lease<\/a><\/td>Dallas office spaces for lease<\/a><\/td>San Francisco office spaces for lease<\/a><\/td>\n<\/tr>\n
Fort Worth office spaces for lease<\/a><\/td>Phoenix office spaces for lease<\/a><\/td>Miami office spaces for lease<\/a><\/td>\n<\/tr>\n
Portland office spaces for lease<\/a><\/td>Atlanta office spaces for lease<\/a><\/td>Seattle office spaces for lease<\/a><\/td>\n<\/tr>\n
Austin office spaces for lease<\/a><\/td>Boston office spaces for lease<\/a><\/td>Denver office spaces for lease<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n","protected":false},"excerpt":{"rendered":"

Office attendance rates are still hovering around 51%, even as several high-profile companies such as Dell, Amazon and Meta are returning their workforces to the office.<\/p>\n","protected":false},"author":71,"featured_media":2530,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,34],"tags":[],"class_list":["post-3799","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-reports","category-office-reports"],"acf":[],"yoast_head":"\nOctober Office Report Stats: Vacancies Nearing 20%<\/title>\n<meta name=\"description\" content=\"Across the nation, vacancies are still high and occupancy rates remain low even amid several high-profile return-to-office mandates.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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