In Q3 2021, vacancy rose higher as tenants shed off unused space. Sales activity remained primarily stagnant given the uncertainty around demand in the office sector.
On a positive note, leasing activity rose above its pre-pandemic levels for the first time. Occupancy losses also moderated sharply, reaching only a third of the magnitude recorded in the prior three quarters.
National office real estate trends
- Commercial real estate construction starts have slowed considerably since the onset of the pandemic.
- Sublet availability has spiked 70% since Q1 2020.
- Asking rents continue to slide as both space availability and vacancy rates rise.
- Real estate sales transaction velocity and volume remain subdued across different types of buildings.
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