In the second quarter of this year, the office sector set a record vacancy rate at 20.1%, breaking the 20% barrier for the first time in history. This trend reflects the lasting impact of the pandemic on work habits, as remote work and other shifts persist beyond the initial wave of COVID-19. The slow decline in demand has led to falling rents, with effective rents dropping by 0.1% in the last quarter and 0.5% over the past year. Additionally, net absorption (the total leased space minus vacated space) reached -13.6 million square feet in the second quarter, the worst in almost three years.
fortune.com/2024/07/02/office-vacancies-all-time-high-moodys/
finance.yahoo.com/news/office-vacancies-set-time-high-202641880.html
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