US Office Outlook – Q4 2022

US Office Market Statistics, Trends & Outlook

January 19, 2023
  • Jacob Rowden

The fourth quarter brought some relief from mounting macroeconomic challenges as inflationary pressures wane, but office tenants remain cautious as they adjust to rising costs of capital and falling valuations.

Leasing activity fell 10.8% in the fourth quarter to 40.7 million s.f. A strong start to the year nevertheless lifted 2022 volume 15.1% higher than 2021 totals, reflecting 72% of pre-pandemic leasing volume nationally. Net absorption totaled -12.5 million s.f. in Q4, bringing annual totals to -37.4 million s.f., a slowing from the 59 million s.f. of occupancy loss in 2021.

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