The national office vacancy rate remains stubbornly at just over 18%.
According to a December 2023 study by Commercial Edge, a national commercial real estate consultancy, office utilization remains at about 50% to 60% of pre-pandemic levels. Instead of sales and rentals improving as we get further away from the pandemic’s peak, both Commercial Edge and McKinsey conclude the opposite in their 2023 studies of this market. At the end of 2023, office real estate sales were just 38% of 2022 year over year. The national office vacancy rate remains stubbornly at just over 18%.