Most U.S. Office Buildings Nearly Fully Leased
August 8, 2023
A new report by CBRE highlights that most U.S. office buildings are more than 90% leased and that a small number of older buildings are responsible for most post-pandemic vacancies.
Fort Lauderdale is part of a small group of cities with a majority of office buildings more than 90% leased. About 70% of DowntownFTL office buildings fall into this category according to CBRE. Fort Lauderdale ranks among cities like Miami, San Diego, Tampa, Raleigh, and Pittsburgh.
Cities with less than half of their office buildings more than 90% leased include Washington DC, Houston, New York City, and Minneapolis. Notably, more than 70% of New York City office buildings were fully leased pre-pandemic.
By The Numbers:
“Two-thirds of all U.S. office buildings were more than 90% leased as of Q2 2023.
“Only 10% of all U.S. office buildings account for 80% of the occupancy losses between 2020 and 2022.”
“Larger, more expensive markets like Manhattan and San Francisco that saw a greater reduction in new tenant demand during the pandemic tend to have a lower share of buildings (typically between 45% and 55%) that are more than 90% leased.”
To read the full study, visit: https://www.cbre.com/insights/briefs/most-us-office-buildings-more-than-90-percent-leased
Photo Credit: Matthew Lilly/Stiles.