{"id":1004779830,"date":"2025-12-03T05:53:33","date_gmt":"2025-12-03T13:53:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004779830"},"modified":"2025-12-10T01:59:41","modified_gmt":"2025-12-10T09:59:41","slug":"office-report-hybrid-work-fuels-lasting-metro-reshaping","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/office-report-hybrid-work-fuels-lasting-metro-reshaping\/","title":{"rendered":"Office Report: Hybrid Work Fuels Lasting Metro Reshaping"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/iStock-2230335193-e1764346261949.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"3508\" height=\"2633\" data-attachment-id=\"1004779838\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/office-report-hybrid-work-fuels-lasting-metro-reshaping\/water-level-view-of-the-city-skyline-of-austin-texas-in-summer-2025\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/iStock-2230335193-e1764346261949.jpg\" data-orig-size=\"3508,2633\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;7.1&quot;,&quot;credit&quot;:&quot;Getty Images&quot;,&quot;camera&quot;:&quot;ILCE-7RM5&quot;,&quot;caption&quot;:&quot;View of the downtown city skyline of Austin Texas in summer 2025 from water level on the Lady Bird Lake&quot;,&quot;created_timestamp&quot;:&quot;1755117645&quot;,&quot;copyright&quot;:&quot;Copyright Steven Heap 2025&quot;,&quot;focal_length&quot;:&quot;24&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.016666666666667&quot;,&quot;title&quot;:&quot;Water level view of the city skyline of Austin Texas in summer 2025&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Downtown_Austin_Texas\" data-image-description=\"&lt;p&gt;Image from iStockphoto.com&lt;\/p&gt;\n&lt;p&gt;https:\/\/www.istockphoto.com\/ro\/fotografie\/vedere-a-nivelului-apei-a-orizontului-ora%C8%99ului-austin-texas-%C3%AEn-vara-anului-2025-gm2230335193-645994392&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Both office-using employment and remote work rates surged in Austin. Image by BackyardProduction\/iStockphoto.com&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/iStock-2230335193-e1764346261949.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/iStock-2230335193-e1764346261949.jpg\" alt=\"View of the downtown city skyline of Austin, Texas in summer 2025 from water level on the Lady Bird Lake.\" class=\"wp-image-1004779838\" style=\"width:400px\"\/><\/a><figcaption class=\"wp-element-caption\">Both office-using employment and remote work rates surged in Austin. <em><a href=\"https:\/\/www.istockphoto.com\/ro\/portfolio\/BackyardProduction?mediatype=photography\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Image by BackyardProduction\/iStockphoto.com<\/a><\/em><\/figcaption><\/figure><\/div>\n\n\n<p>As the office landscape kept changing, the utilization patterns across major markets have shifted unevenly over this past decade, with hybrid work becoming the new standard, according to the latest Yardi Matrix national office report.<\/p>\n\n\n\n<p>Most U.S. companies still favor remote work, even with the rate declining each year since its 2021 peak. However, work-from-home rates remain well above 2019 levels, according to the U.S. Census\u2019 American Community Survey. As hybrid work becomes the norm, a full <a href=\"https:\/\/www.commercialsearch.com\/news\/office-visits-stay-strong-in-october\/\">return to the office<\/a> appears unlikely. <\/p>\n\n\n\n<p>Across the top 25 U.S. markets, work patterns vary widely: Austin, Texas, had 23.2 percent of its employees working from home last year, while Manhattan reported only 11.8 percent. However, even if both markets have a similar share of office-using jobs, <a href=\"https:\/\/www.commercialsearch.com\/news\/austins-office-sector-remains-resilient\/\">Austin\u2019s tech-oriented landscape<\/a> supports remote work options more easily than Manhattan\u2019s dense finance- and legal-driven workforce environment.<\/p>\n\n\n\n<p>Kastle\u2019s Back to Work Barometer shows early November office occupancy ranging from 74.6 percent in Austin to 57.4 percent in Manhattan and 41.8 percent in Philadelphia. Despite its high occupancy rate, Austin saw increases in both office-using employment and <a href=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-coworking-space-share-commercialedge\/\">remote work<\/a> rates, with office-using jobs up 27.8 percent since 2020\u2014the fastest growth spurt among major office markets.<\/p>\n\n\n\n<p>Even so, Austin\u2019s job gains are not enough. The metro has 15.6 million square feet added over this past decade, representing 16 percent of its stock\u2014pushing the metro\u2019s vacancy to 26.9 percent and driving a major price drop. On the other hand, <a href=\"https:\/\/www.commercialsearch.com\/office\/us\/ny\/manhattan\/\" target=\"_blank\" rel=\"noreferrer noopener\">Manhattan office space<\/a> followed a different path: With only 16.6 million square feet added, representing 3.6 percent of its stock, the metro\u2019s absorption rate improved steadily, allowing for a lower vacancy rate. The price per square foot decreased over the past two years, but investor activity surged as 59 office transactions closed so far this year.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/are-you-ready-for-the-refi-rumble\/\">Are You Ready for the Refi Rumble?<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>As of October, the national office vacancy rate clocked in at 18.6 percent\u2014down 90 basis points over the past 12 months. The metro with the highest vacancy remains Seattle (27.4 percent), followed by Austin (26.9 percent) and San Francisco (26.1 percent). In contrast, the lowest vacancy rates were recorded in Manhattan (13 percent), Miami (13.4 percent) and Los Angeles (14.6 percent).<\/p>\n\n\n\n<p>Charlotte recorded the largest annual increase among the top 25 markets\u2014its vacancy rate climbed 240 basis points to 18.9 percent. At first glance, it may look like Charlotte is struggling, yet this office market <a href=\"https:\/\/www.commercialsearch.com\/news\/charlotte-office-market-shows-mixed-signals\/\">remains well positioned<\/a>. There were 7.1 million square feet of space delivered since 2021\u20149 percent of its stock\u2014and less than 300,000 square feet under construction as of October, signaling a slower development pace. The metro outperformed all major markets in office-using employment growth for most of this year, according to recent data from Bureau of Labor Statistics.<\/p>\n\n\n\n<p>The national average full-service equivalent listing rate was $32.81 per square foot as of October\u2014two cents up from the previous month and 0.1 percent year-over-year. Manhattan rents remained the priciest ones, at a $67.97 per square foot average, while other costly rents were recorded in San Francisco ($65.30 per square foot) and Miami ($56.34 per square foot). In terms of rent growth, Los Angeles led the rankings with a 10.4 percent increase over the past 12 months, posting an average rent of $46.62 per square foot). In contrast, Houston continued to register the steepest decline, of 9 percent, with the average rent price per square foot clocking in at $27.49.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-new-supply-flatlines-investors-shift-strategies\">New supply flatlines, investors shift strategies<\/h2>\n\n\n\n<p>The national under development pipeline comprised 33.4 million square feet in October, representing 0.5 percent of existing stock and 1.7 percent when adding projects in planning or proposal stages. The national leader in office construction remains Boston, with nearly 4.7 million square feet underway, while Manhattan followed, with 3 million square feet.<\/p>\n\n\n\n<p>Year-to-date through October construction starts totaled 12.9 million square feet\u2014approximately equal to the previous year\u2019s total starts. The sector\u2019s development pace remains frozen and a significant rebound in new office supply is still years away. The pace of <a href=\"https:\/\/www.commercialsearch.com\/news\/top-projects-that-will-reshape-los-angeles\/\">new developments in Los Angeles<\/a> slowed down sharply, helping keep its vacancy rate among the lowest. Yardi Matrix reported no new starts this year in the metro, while current projects focus on amenity-rich buildings, such as the 700,000-square-foot tower Century City Center, that broke ground in 2023 and will reach completion next year.<\/p>\n\n\n\n<p>In October, the office transactions volume in the U.S. totaled $42.6 billion, with properties selling at an average sale price of $191 per square foot. <a href=\"https:\/\/www.commercialsearch.com\/news\/manhattans-office-sector-defies-national-slowdown\/\">Manhattan led in sales<\/a> and pricing, with properties selling for $523 per square foot and $6.4 billion in deals. The Bay Area deals volume reached $4.4 billion, with office assets trading at $386 per square foot.<\/p>\n\n\n\n<p>However, the distressed-pricing trend remains persistent, with Denver standing out as a clear example. Its average office sale price has fallen to $125 per square foot\u2014less than the $300 per square foot peak from 2022. This drop is underscored by the recent sale of two office towers in the city\u2019s central business district, which sold at an 86 percent discount. Minnesota-based Wayzata Investment Partners acquired the buildings from Brookfield Properties for $58.4 million.<\/p>\n\n\n\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/8087-MatrixOfficeNationalReport-November2025\" target=\"_blank\" rel=\"noreferrer noopener\">Yardi Matrix office report<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shifts in office utilization drives wide performance gaps when looking at major U.S. markets, according to the latest Yardi Matrix report.<\/p>\n","protected":false},"author":2991,"featured_media":1004779838,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22251,23891,21747,51037,52555,41267],"tags":[32785],"class_list":["post-1004779830","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-focus","category-national","category-office","category-trends","category-yardimatrix-office-reports","category-yardimatrix-reports","tag-yardi-matrix"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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