Office vacancy hits an all-time high despite more people returning to in-person work
from 2022, when every quarter stood above 12%. In the two years before the pandemic, the quarterly rate held at around 9.5%.
Office tenants have lowered the average square footage they use per person, and 102 million additional square feet of space became available in the second quarter compared to the same period in the prior year, according to NAR. Meanwhile, other sectors of commercial real estate are also undergoing an expansion of vacant property, with implications on rent.
For the industrial sector, the vacancy rate climbed to 4.7% amid newly added spaces, while retail closed the quarter with an unchanged rate of 4.2%, the lowest among all the sectors.
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