{"id":7314,"date":"2024-04-02T09:23:00","date_gmt":"2024-04-02T09:23:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7314"},"modified":"2024-04-29T09:32:51","modified_gmt":"2024-04-29T09:32:51","slug":"us-office-market-outlook-march-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/us-office-market-outlook-march-2024\/","title":{"rendered":"U.S. Office Market Outlook \u2013 March 2024"},"content":{"rendered":"\n

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

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Lab space now constitutes a greater portion of the pipeline compared to the prior decade.<\/em><\/p>\n

Report Highlights<\/h2>\n
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  • The average full-service equivalent listing rate was $37.83 per square foot at the end of February, a 1.2 percent decrease when compared to February 2023.<\/li>\n
  • Office vacancy reached 17.9 percent in February across the top 50 U.S. office markets, up 140 basis points year-over-year.<\/li>\n
  • The under-construction pipeline continued to diminish, featuring 94.2 million square feet of office space at the end of February.<\/li>\n
  • Nationwide office transaction volume totaled $3.6 billion during the first two months of 2024.<\/li>\n
  • Office assets changed hands at an average of $179 per square foot.<\/li>\n<\/ul>\n

    Surging office vacancy rates persist<\/h2>\n

    As of the end of February, the national office vacancy rate stood at 17.9 percent, reflecting a 140 basis-point increase compared to the same period last year, according to Yardi Matrix data. The markets experiencing the most significant year-over-year increases in office vacancy were Detroit (1080 basis points), San Francisco (480 basis points), Denver (450 basis points), Seattle (430 basis points) and Dallas (430 basis points).<\/p>\n