{"id":1004546990,"date":"2021-03-19T09:13:00","date_gmt":"2021-03-19T17:13:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004546990"},"modified":"2021-08-10T09:14:04","modified_gmt":"2021-08-10T17:14:04","slug":"vacancy-rates-up-as-pipeline-poised-to-cool-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vacancy-rates-up-as-pipeline-poised-to-cool-2\/","title":{"rendered":"Office Vacancy Rates Up as Pipeline Poised to Cool"},"content":{"rendered":"
\"\"<\/a>

Office-Using Employment Growth. Image courtesy of Bureau of Labor Statistics<\/em><\/p><\/div>\n

With vacancy rates going up across the nation, only a number of markets seem well positioned for the next few years. The national average full-service equivalent listing rates in February clocked in at $38.31 per square foot, remaining almost flat compared to the previous month. <\/p>\n

The national vacancy rate increased by 160 basis points year-over-year, reaching 15.0 percent, thanks to the widespread adoption of remote work and expiring leases. Due to the long-term nature of office leases, significant increases in vacancy have been postponed, despite the shock of health crisis-generated lockdowns having happened 12 months ago. Locally, the most significant changes in vacancy were recorded in Austin (up 720 basis points year-over-year), San Francisco (up 480 basis points) and Seattle (up 450 basis points).<\/p>\n

Office-using employment decreased by 3.4 percent year-over-year as of January\u2014as recovery in the sector has largely stalled. However, larger availability of vaccines slowly points to upcoming return-to-office plans for most companies, which could provide a breath of fresh air to office-using employment.<\/p>\n

Some 163.2 million square feet of office space was under construction nationwide as of February. Although the pipeline is still substantial, changes in market dynamics will likely lead to a significant drop in development. With 59.4 million square feet of office space expected to be delivered in 2024 and 2025, the market looks likely to go back to post-financial crisis numbers. Markets such as Austin, Nashville and Charlotte will likely continue to see increases in office stock, buoyed by affordable leasing rates and strong long-term appeal.  <\/p>\n

Read the full CommercialEdge report<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Although the brunt of the impact has been postponed, vacancy rates continue to climb as key markets are hard hit.<\/p>\n","protected":false},"author":741,"featured_media":1004528928,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23891,21742,21747],"tags":[50674],"class_list":["post-1004546990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","category-latest","category-office","tag-commercialedge"],"acf":[],"yoast_head":"\nOffice Vacancy Rates Up as Pipeline Poised to Cool - Commercial Property Executive<\/title>\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\/news\/vacancy-rates-up-as-pipeline-poised-to-cool-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Office Vacancy Rates Up as Pipeline Poised to Cool\" \/>\n<meta property=\"og:description\" content=\"Although the brunt of the impact has been postponed, vacancy rates continue to climb as key markets are hard hit.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/vacancy-rates-up-as-pipeline-poised-to-cool-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-19T17:13:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-10T17:14:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/ousing.png\" \/>\n\t<meta property=\"og:image:width\" content=\"744\" \/>\n\t<meta property=\"og:image:height\" content=\"415\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Corina Stef\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/vacancy-rates-up-as-pipeline-poised-to-cool-2\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/vacancy-rates-up-as-pipeline-poised-to-cool-2\/\",\"name\":\"Office Vacancy Rates Up as Pipeline Poised to Cool - 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