Colliers reports that the U.S. office vacancy rate in Q1–2023 was 16.1 percent—higher than in Q1–2022 (15 percent) and Q1–2021 (14.2 percent). Construction activity slowed in Q1–2023, with 93.5 million square feet underway, compared to 121.9 million square feet in Q1–2022, according to the report, while sublease space availability reached a record 254 million square feet.

According to WFH Research (May 2023 update), the percentage of paid full days worked from home in early 2023 was near 28 percent. The research report states that by February 2023, 11.5 percent of full-time employees were fully remote, 28.8 percent were in a hybrid arrangement and 59.6 percent were fully on-site, with work from home arrangements more common in major cities than in smaller cities and towns.

Last Updated on May 15, 2023 by Ramin Seddiq