Office Market Update

12 / 18 / 19

1 min read

Here are some key findings in the most recent U.S. office property report from Yardi^® Matrix. All figures are as of October 2019 unless otherwise noted.

Demand for office space remains strong, with office-using sectors adding 545,000 jobs over the past 12 months. One of every three jobs added in the 12 months ending in September were in office-using sectors.
The average U.S. office asking rate increased 2% year-over-year.
Per-square-foot prices for central business district buildings are 24.6% higher than in 2018. Prices for buildings with A+ and A ratings have increased 12.1% this year.
Markets with the highest year-over-year listing rate growth were San Francisco, Tampa, Fla., the San Francisco Bay Area and Manhattan. N.Y.
The national vacancy rate increased 40 basis points from the previous month, to 13.7%.
Lower interest rates have helped accelerate transaction activity since the summer, with investment volume totaling $74 billion.
Office space delivered nationally totaled 59.2 million square feet.
1 million square feet of space is under construction.

Get all the details in the Yardi Matrix national office report for November 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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