While this title seems like a bold assertion, everyone is waking up to the reality that the office markets around the United States are in freefall. Consider this graph that compares January 2023 availability rates of U.S. office space to today. Nearly every metro area has crested 20%… or is well on the way… with Denver and the Texas markets of Dallas, Houston and Austin all at 25%, and San Francisco in the lead at almost 33%. Never in history has there been a bigger fall from grace than the story of Downtown San Francisco office real estate, having gone from one of the most expensive and tightest markets in the United States, to now by far the softest. Meanwhile, Miami is uniquely beating all the odds, and a full five percentage points below the next softest market.
Leave a Reply