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Q4 2021 U.S. Office Real Estate Market Summary

Q4 2021 Article 10 min read
Authors:
Ron Gantner Plante Moran Cresa Rick Pifer Plante Moran Cresa
Key statistics show that the national office real estate market is starting to rebound, but how long will it be before the sector reaches pre-pandemic levels of performance?
Photo of skyscrapers from the perspective of the ground, looking up to the sky

The national office market is showing early signs of a recovery, but the sector still has a long way to go before it reaches pre-pandemic levels of performance. Leasing volume improved in Q4 2021, and net absorption was positive for the second consecutive quarter Additionally, the amount of sublet space on the market fell quarter over quarter after rising significantly since the onset of the pandemic.

National office real estate trends

  • The national vacancy rate held steady quarter over quarter
  • Rent growth remained relatively flat year over year due to downward pressures, including suppressed leasing activity and the availability of sublet space
  • New office space construction has slowed down considerably over the last several quarters
  • Office sales in Q4 2021 totaled $44 billion, which is the highest recorded sales figure since the onset of the pandemic

Download the in-depth market report to learn more

If you’d like to learn more about the nation’s office real estate outlook, download the full report below. This report will give you full insight to the topics mentioned above along with a variety of other statistics to help you stay ahead of market trends.

Information contained in this report is provided, in part, from third-party sources, including Cresa, the U.S. Bureau of Labor Statistics, the Bureau of Economic Analysis, Real Capital Analytics, and CoStar Group. Even though obtained from sources deemed reliable, no warranty or representation, expressed or implied, is made as to the accuracy of the information herein.

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