Vacancy rate of office space in the U.S. 2023, by market

Published by Statista Research Department, Apr 30, 2024

Among the major office markets in the United States, Manhattan, NY, had the lowest vacancy rate in the fourth quarter of 2023. Approximately 13 percent of office space was vacant in that quarter, compared to 33.4 percent in Phoenix. Since the onset of the COVID-19 pandemic, the office real estate sector has been suffering an increase in office vacancies, affecting both downtown and suburban properties. 

Vacancy rate in the largest office markets in the United States in 4th quarter 2023

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Release date

January 2024

Region

United States

Survey time period

Q4 2023

Special properties

Downtown: class A. 30 markets with the largest Class A office inventory.

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Market overview

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Investment market

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Occupier market

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Manhattan

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Boston

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San Francisco

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Inland Empire

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Office real estate in the U.S.Commercial real estate in the U.S.Industrial and logistics real estate in the U.S.Office real estate in ChinaHybrid work
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