{"id":7195,"date":"2024-02-22T15:09:00","date_gmt":"2024-02-22T15:09:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7195"},"modified":"2024-04-02T15:22:17","modified_gmt":"2024-04-02T15:22:17","slug":"us-office-market-outlook-february-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/us-office-market-outlook-february-2024\/","title":{"rendered":"U.S. Office Market Outlook \u2013 February 2024"},"content":{"rendered":"\n

Read the latest Yardi Matrix Office Market Outlook<\/a><\/strong>.<\/p>\n\n\n

Pandemic impacts and rising interest rates drive a steep 25 percent average decline in office property values, the Yardi Matrix report shows.<\/em><\/p>\n

Report Highlights<\/h2>\n
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  • The average full-service equivalent listing rate was $37.35 per square foot at the end of January, a 1.3 percent decrease when compared to January 2023.<\/li>\n<\/ul>\n
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    • Office vacancy reached 18.0 percent in January across the top 50 U.S. office markets, up 130 basis year-over-year.<\/li>\n
    • The under-construction pipeline continued to diminish, featuring 97.2 million square feet of office space as of January.<\/li>\n
    • Nationwide office transaction volume totaled $1.5 throughout the first month of 2024.<\/li>\n
    • Office assets changed hands at an average of $195 per square foot.<\/li>\n<\/ul>\n

      Remote work continues to boost vacancy rates<\/h2>\n

      At the end of January, the office vacancy rate hit 18.0 percent, up by 130 basis points from the previous year. The largest increases were observed in cities with many remote workers, including San Francisco (up 490 basis points), Denver (390 basis points), Seattle (450 basis points) and San Diego (310 basis points), as reported by Yardi Matrix in the latest US office market outlook.<\/p>\n