New Office Insight

S.6% year-over-year in November 2019.6%.

Written by Joel Nelson

01 / 22 / 20

1 min read

Here are some highlights of the most recent U.S. office property report from Yardi Matrix:

Office-using employment increased 1.6% year-over-year in November 2019.
The average asking rate increased 2.3% year-over-year that month while the vacancy rate fell 10 basis points to 13.6%.
Growth in demand for office space as measured by office-using employment is heavily concentrated in a handful of metros. The top 20 markets tracked by Yardi Matrix accounted for 64% of office-using employment growth from October 2018 to October 2019 but only about 42% of total employment growth.
Transactions through November totaled $82.2 billion, on pace to match or exceed the $93 million recorded in 2018.
Sixty-seven million square feet of space was delivered year to date through November and another 156 million square feet remains under construction.

Learn more about key trends in national supply, demand and sales—along with the factors driving listing rate increases in Brooklyn, N.Y.; and why the office market economies in Nashville, Tenn., and Orlando, Fla., are riding high—in the Yardi Matrix national office report for December 2019.

AUTHOR

Joel Nelson, senior marketing writer, joined Yardi in 2007. His byline has appeared in New York Real Estate Journal, Canadian Property Management and Los Angeles Lawyer, among others. He has won multiple awards from major professional organizations including the International Association of Business Communicators and Public Communicators of Los Angeles. Joel earned a bachelor’s degree from Pomona College.

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