Office Sector in Q3–2022
In Q3–2022, about 1.34 million more square feet of office space was vacant and placed on the market than were leased, according to the National Association of Realtors (“NAR”). In this weakest of all commercial real estate sectors, the vacancy rate increased from 12.3 percent in Q2–2022 to 12.4 percent in Q3–2022, according to the report.
In Manhattan, the office availability rate for Q3–2022 was 16.4 percent (26 percent in the Financial District), compared to 10 percent at the end of 2019, according to Commercial Observer (citing research from Colliers).
Last Updated on October 10, 2022 by Ramin Seddiq