{"id":7793,"date":"2024-08-27T07:49:29","date_gmt":"2024-08-27T07:49:29","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7793"},"modified":"2024-09-30T13:52:27","modified_gmt":"2024-09-30T13:52:27","slug":"us-office-market-outlook-august-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/us-office-market-outlook-august-2024\/","title":{"rendered":"U.S. Office Market Outlook \u2013 August 2024"},"content":{"rendered":"\n

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

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The office construction pipeline is steadily contracting, with just 73.8 million square feet underway as of July, the latest Yardi Matrix US office market outlook shows.<\/em><\/p>\n

Report Highlights<\/h2>\n
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  • The national office vacancy rate continues its upward trend, reaching 18.1 percent at the end of July, a 100-basis-point increase from the same time last year.<\/li>\n
  • National full-service equivalent listing rates averaged $31.67 per square foot in July, unchanged from the month prior.<\/li>\n
  • The office under-construction pipeline continued to further dwarf, featuring 73.8 million square feet under construction as of July.<\/li>\n
  • Nationwide office transaction volume totaled $17.1 billion year-to-date in July.<\/li>\n
  • Office properties traded at an average of $173 per square foot.<\/li>\n<\/ul>\n

    Office vacancy rate rises nationwide<\/h2>\n

    The national office vacancy rate reached 18.1 percent at the end of July, marking a 100-basis-point rise from the same period in 2023. Vacancy rates have risen in nearly all markets, with San Francisco (420 basis points), Dallas (340 basis points), Boston and the Bay Area (280 basis points), as well as Seattle and San Diego (260 basis points) experiencing the most significant year-over-year increases as of July.<\/p>\n