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Q3 2023 U.S. Office Real Estate Market Report

October 10, 2023 / 10 min read

Record-high amounts of available sublease space are placing further downward pressure on asking rents across the country, putting 2023 on pace for the largest amount of negative net absorption on record.

The office real estate market remains subdued as industry players across the country settle in for an extended down period of demand. So far this year, 2023 is on pace for the largest amount of negative net absorption on record. Vacancy is at a record 13.4% and is predicted to continue climbing for the foreseeable future. Older properties suffer from an extreme lack of demand. The future of the office real estate market is highly uncertain, exacerbated by the fact that 65% of leases are expiring over the next five years.

There is resiliency at the top of the market, including five-star and new-vintage buildings, where rent growth has remained positive.

National office real estate trends

Download the in-depth market report to learn more

If you’d like to learn more about the nation’s office real estate outlook, download the full report below. This report will give you full insight into the topics mentioned above along with a variety of other statistics to help you stay ahead of market trends.

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Information contained in this report is provided, in part, from third-party sources, including Cresa, the U.S. Bureau of Labor Statistics, the Bureau of Economic Analysis, Real Capital Analytics, and CoStar Group. Even though obtained from sources deemed reliable, no warranty or representation, expressed or implied, is made as to the accuracy of the information herein.

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