Reis reported the office vacancy rate was at 18.1% in Q4 2021, down from 18.2% in Q3, and up from 17.8% in Q4 2020.
Q2 2021 saw the highest vacancy rate for offices since the early ’90s at 18.5% (following the S&L crisis).
Reis also reported that office effective rents were unchanged in Q4; rents are about the same rate as early 2019.
The first graph shows the office vacancy rate starting in 1980 (prior to 1999 the data is annual).
The office vacancy rate was elevated prior to the pandemic and moved up during the pandemic.
Reis also reported that office effective rents were unchanged in Q4; rents are about the same rate as early 2019.
All vacancy data courtesy of Reis