Q1 2022 U.S. Office Real Estate Market Report
With positive demand for office space for the third consecutive quarter and the amount of sublease space on the market leveling off, the national office real estate market is continuing to show signs of recovery. With that being said, the national leasing volume is still well below pre-pandemic levels. The pipeline of new supply being introduced to the market and corporate decisions around remote work could increase vacancy rates in the near term.
National office real estate trends
- Net absorption for office space has been positive for the third consecutive quarter while the national vacancy rate remained flat quarter over quarter
- Rent growth remained relatively flat year-over-year
- Buyer confidence is resurging in the office sector, with a slight increase in transaction activity around properties that have creditworthy tenants, long-term leases, and good locations
- Although still at a record-high level, the amount of sublet space available on the market is reaching a plateau
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