- The US office market continued to feel the impact of the COVID-19 recession in Q4 2020, with vacancy rates rising to 15.5% as absorption fell to -43 million square feet. Sublease space availability nearly doubled year-over-year to over 111 million square feet.
- Job losses led to falling demand for office space, with 1.2 million fewer office jobs in Q4 than before the pandemic. A record number of markets had negative absorption, bringing total space given back over three quarters to 103 million square feet.
- With vaccines now being distributed but COVID cases still rising, the outlook calls for further vacancy increases and rent declines in 2021, though recovery is expected to accelerate in the second
U.S. MarketBeats provide an overview of quarterly CRE activity and trends, a snapshot of current economic and capital market conditions as well as market-level statistics on key metrics.
The U.S. economy in 2016 was characterized by steady growth in the face of uncertainty. The year began with steep declines in global equity markets in response to concerns about a slowdown in China, the Europe replaced Asia as the focal point of global anxiety after the Brexit vote. In the fourth quarter, the U.S. unexpectedly elected Donald Trump as President. Despite uncertainty, the economy continued to add an average of 180,000 jobs per month during 2016.
The document summarizes North American office market indicators for Q3 2014. Vacancy rates declined slightly in both the US and Canada while absorption increased. Job growth drove office demand in both countries, leading to a broadening economic recovery. Office-using employment increased more than total employment, with growth seen across more industry sectors and geographic regions. Transaction volume was also up, reflecting continued strong investor demand.
The document provides an overview and analysis of Q3 2014 office market conditions in North America. Some key points:
- Vacancy rates declined slightly in both the US and Canada, while net absorption and rental rates increased.
- Job and office-using employment growth has broadened beyond just tech and energy markets, driving continued recovery. Demand is widespread across regions.
- The recovery is supported by projections of ongoing economic and employment expansion in both the US and Canada through 2015.
North American Commercial Real Estate ReportChris Fyvie
We are pleased to share with you the our latest North American Research Report -covering approximately 70 metro areas - demonstrating that the office market in the United States and Canada will continue a steady growth, but will lack in the force and pace of prior cycles. However, positive market trends exist, including strong absorption and declining vacancy rates in all the major U.S. CBDs. Additionally, construction is increasing, but remains below historic highs.
2015 2Q North American Office Market ReportCoy Davidson
The U.S. office market saw improvements in Q2 2015, with vacancy rates declining and absorption improving. However, the Canadian office market weakened, with rising vacancy rates driven by falling oil prices. Overall North American vacancy fell slightly to 12.7%, with U.S. vacancy down to 13.0% and Canadian vacancy up to 9.1%. Absorption was positive in the U.S. at 23.1 million square feet but negative in Canada at -0.5 million square feet. The outlook remains positive for the U.S. office market but negative for Canada due to economic challenges from low oil prices.
The document summarizes North American office market indicators for Q3 2014. Some key points:
- Vacancy rates decreased slightly in both the US and Canada while net absorption increased.
- Job and office-using employment growth has driven demand, with broad-based growth across sectors and regions.
- Construction activity remains concentrated in major markets, accounting for over 60% of space under construction.
- Economic and office market recoveries are strengthening and broadening across more markets.
The retail market report summarizes 2015 trends in the Phoenix metro area. It notes that 65,700 jobs were added in 2015, home starts increased 70% year-over-year, and these economic gains are boosting consumer confidence. Retail vacancy rates declined to 9.3% while net absorption was 1.77 million square feet. Average rental rates increased to $14/sqft, up from $13.62/sqft in 2014. The report concludes that with continued job and housing growth, the retail sector is poised for growth in 2016.
Commercial Real Estate Market Overview August 2015_tcm78-50654Yirong Song
The document summarizes commercial real estate market trends from 1950-2015. It discusses the post-WWII shift from central business district (CBD) office space to suburban office space due to demographic and economic factors. Starting in the late 1990s and 2000s, CBD office demand increased as crime rates fell and millennials entered the workforce. While CBDs have generally outperformed suburbs, some technology and energy markets saw stronger suburban growth after 2008. Across property types, vacancy rates declined and prices rose from 2014-2015, though retail prices remain below 2007 levels. The industrial, apartment, and office sectors are expected to see declining vacancies and rent growth amid new supply.
U.S. MarketBeats provide an overview of quarterly CRE activity and trends, a snapshot of current economic and capital market conditions as well as market-level statistics on key metrics.
The U.S. economy in 2016 was characterized by steady growth in the face of uncertainty. The year began with steep declines in global equity markets in response to concerns about a slowdown in China, the Europe replaced Asia as the focal point of global anxiety after the Brexit vote. In the fourth quarter, the U.S. unexpectedly elected Donald Trump as President. Despite uncertainty, the economy continued to add an average of 180,000 jobs per month during 2016.
The document summarizes North American office market indicators for Q3 2014. Vacancy rates declined slightly in both the US and Canada while absorption increased. Job growth drove office demand in both countries, leading to a broadening economic recovery. Office-using employment increased more than total employment, with growth seen across more industry sectors and geographic regions. Transaction volume was also up, reflecting continued strong investor demand.
The document provides an overview and analysis of Q3 2014 office market conditions in North America. Some key points:
- Vacancy rates declined slightly in both the US and Canada, while net absorption and rental rates increased.
- Job and office-using employment growth has broadened beyond just tech and energy markets, driving continued recovery. Demand is widespread across regions.
- The recovery is supported by projections of ongoing economic and employment expansion in both the US and Canada through 2015.
North American Commercial Real Estate ReportChris Fyvie
We are pleased to share with you the our latest North American Research Report -covering approximately 70 metro areas - demonstrating that the office market in the United States and Canada will continue a steady growth, but will lack in the force and pace of prior cycles. However, positive market trends exist, including strong absorption and declining vacancy rates in all the major U.S. CBDs. Additionally, construction is increasing, but remains below historic highs.
2015 2Q North American Office Market ReportCoy Davidson
The U.S. office market saw improvements in Q2 2015, with vacancy rates declining and absorption improving. However, the Canadian office market weakened, with rising vacancy rates driven by falling oil prices. Overall North American vacancy fell slightly to 12.7%, with U.S. vacancy down to 13.0% and Canadian vacancy up to 9.1%. Absorption was positive in the U.S. at 23.1 million square feet but negative in Canada at -0.5 million square feet. The outlook remains positive for the U.S. office market but negative for Canada due to economic challenges from low oil prices.
The document summarizes North American office market indicators for Q3 2014. Some key points:
- Vacancy rates decreased slightly in both the US and Canada while net absorption increased.
- Job and office-using employment growth has driven demand, with broad-based growth across sectors and regions.
- Construction activity remains concentrated in major markets, accounting for over 60% of space under construction.
- Economic and office market recoveries are strengthening and broadening across more markets.
The retail market report summarizes 2015 trends in the Phoenix metro area. It notes that 65,700 jobs were added in 2015, home starts increased 70% year-over-year, and these economic gains are boosting consumer confidence. Retail vacancy rates declined to 9.3% while net absorption was 1.77 million square feet. Average rental rates increased to $14/sqft, up from $13.62/sqft in 2014. The report concludes that with continued job and housing growth, the retail sector is poised for growth in 2016.
Commercial Real Estate Market Overview August 2015_tcm78-50654Yirong Song
The document summarizes commercial real estate market trends from 1950-2015. It discusses the post-WWII shift from central business district (CBD) office space to suburban office space due to demographic and economic factors. Starting in the late 1990s and 2000s, CBD office demand increased as crime rates fell and millennials entered the workforce. While CBDs have generally outperformed suburbs, some technology and energy markets saw stronger suburban growth after 2008. Across property types, vacancy rates declined and prices rose from 2014-2015, though retail prices remain below 2007 levels. The industrial, apartment, and office sectors are expected to see declining vacancies and rent growth amid new supply.
The document provides an overview of the Austin office market in Q1 2020. It summarizes that the market saw 35,453 SF of negative net absorption in Q1, with large negative absorption in Class A buildings. Vacancy increased to 13.0% citywide. Rental rates increased slightly to $35.93 on average. The report also discusses the impacts of COVID-19 on the market and expectations for Q2 2020.
The U.S. industrial market experienced strong net absorption in Q3 2018, with overall vacancy remaining at historic lows despite increased construction. Demand was broad-based across regions and product types, with the South and West leading in absorption. Rents continued rising above 5% annually in over half of markets as demand outstripped supply in a tight market. The development pipeline expanded but speculative construction remains concentrated in top markets, indicating limited overbuilding risk through 2019.
The document provides an overview of the US industrial real estate market in Q1 2016. Some key points:
- Net absorption was 57.9 million square feet, an increase over Q1 2015. Vacancy fell to 6.1%, its lowest level in 30 years.
- 22 markets saw over 1 million square feet of positive net absorption. Strong employment and consumer spending are driving demand.
- Online retail sales continue to grow much faster than overall retail and support additional industrial space needs. Speculative construction is increasing but remains controlled.
- Rents increased 3.8% year-over-year nationally, with over 20% of markets seeing double-digit rent growth. Fundamentals remain strong across the industrial
North American Office Highlights Q4 2014Coy Davidson
This document summarizes key findings from Colliers International's Q4 2014 North American office market report. It finds that:
1) The U.S. office vacancy rate decreased while the Canadian rate increased, bringing the overall North American vacancy rate down.
2) Absorption in the U.S. was strong, reaching its highest levels since 2006, while construction activity also increased.
3) Transaction volume reached a post-recession high in 2014, though it remained below peak levels, with investment concentrated in major cities.
U.S. Office market statistics, trends and outlook: Q2 2015 JLL
After a slow first quarter, office market fundamentals made a significant rebound at the close of Q2, undermining suggestions that both economic and office-market growth were slowing. As activity returns—and in many markets, intensifies—much needed supply will offer new opportunities to carry us into latter half of the decade.
Since the start of the year, rents have increased by 2.5%, with some in-demand markets increasing up to 5%. If market momentum continues as we anticipate, rents could reach a 5-7% annual growth rate by year end.
-U.S. Office Market Was Driven by the Tech
Sector in the Fourth Quarter of 2018
-Absorption exceeds construction completions, vacancy
declines and the pipeline grows
-Tech markets tighten
-Rents rise, but the pace slows:
Colliers North American Office Highlights 2Q 2013Coy Davidson
The document provides a summary of key office market indicators for North America in Q2 2013. Some key points:
- The overall North American vacancy rate decreased slightly to 13.86% due to declines in the US rate, while the Canadian rate increased slightly.
- Net absorption surged to 15.5 million square feet, an increase from the previous quarter, driven by an improving US economy despite headwinds.
- Construction activity remains low compared to historical levels and concentrated in strong demand markets, which will support the recovery.
- Transaction volume increased 36% year-over-year, with investors taking on more risk amid global economic weakness.
2019 Q3 Colliers St. Louis Industrial Market ReportColliersSTL
Heavy absorption of industrial space in St. Louis is driving continued construction activity and lowering vacancy rates. Year-to-date absorption is nearly 3 million square feet, pushing overall vacancy to its lowest rate since 2006. While speculative construction completions may increase vacancy going forward, absorption is expected to remain positive. Rental rates are trending upward but have decreased from earlier in the year due to increased competition and tax abatements. The St. Louis economy remains strong but signs of a potential national economic slowdown in 2020 have emerged.
Cushman & Wakefield's Americas Market Beat~ Industrial Philadelphia q32016Matthew Marshall
The document summarizes industrial real estate market trends in the Philadelphia area in Q3 2016. It finds that the overall vacancy rate declined from the previous year to 4.9% as net absorption increased significantly. Asking rental rates also increased slightly. Looking ahead, nearly 1 million square feet of new speculative construction in Southern New Jersey is projected to be completed next quarter without preleasing, which will likely cause vacancy to rise in that submarket.
RECI July 2016 Metro Chicago Core MOB SnapshotThomas Amato
The document provides an analysis of the Metro Chicago medical office building (MOB) market for the second quarter of 2016. It finds that while job growth and demand for healthcare services remains strong, the MOB market is showing signs of slowing absorption due to a large single vacancy. Specifically, vacancy rose to 13.7% due to the vacancy of a 153,000 square foot building, while average asking rents continued to increase. The outlook remains positive, with expectations that vacancy will decline over the long term as demand and MOB job growth remain strong, fueling need for additional space.
This document summarizes real estate market conditions in Montreal, Quebec in the first quarter of 2019. It finds that the unemployment rate remained unchanged at 5.9% and vacancy rates declined to 10.9% as positive absorption of 795,000 square feet continued across major markets. Rental rates increased slightly by 2% annually as large blocks of available space disappeared and demand increased in a tightening market. The outlook is for the positive momentum to continue through 2019, with further tightening of vacancy rates and small increases in average rental rates.
U.S. Office market statistics, trends and outlook: Q3 2015JLL
The economy is growing and employers across industries are adding jobs, especially in urban and dense markets. As a result, expansionary activity remained the dominant office leasing driver in Q3 2015.
This growth has left primary markets challenged by supply constraints, creating a competitive environment for tenants. Secondary and tertiary markets like Charlotte, Phoenix, Portland and Salt Lake City are now benefitting from economic expansion and investment activity.
Learn more about what’s happening—and what we expect to occur in the coming months—in the U.S. office markets.
2019 Q4 Industrial St. Louis Report ColliersColliersSTL
The St. Louis industrial market saw record construction levels in 2019, with 6.29 million square feet completed, driven by build-to-suit projects. Notable projects included two buildings for World Wide Technology totaling 2 million square feet in the Metro East submarket. Overall vacancy rose slightly to 6.53% due to speculative construction deliveries, while rents decreased slightly and absorption remained strong at over 4.6 million square feet. The Metro East submarket accounted for over half of total vacant space but also the most construction, leasing, and positive absorption.
Q1 - 2015 North American Industrial HighlightsCoy Davidson
The North American industrial vacancy rate declined 15 basis points to 6.7% in Q1 2015. Net absorption was strong at 63.1 million square feet, while 52.0 million square feet of new space was added. Healthy demand and a need for modern space has led to an upswing in construction activity in both the US and Canada. Tightening market conditions have pushed up industrial rents, with average US warehouse rents rising 2.2% to $5.16 per square foot.
The document provides an overview of the Austin office market in Q1 2020. It summarizes that the market saw 35,453 SF of negative net absorption in Q1, with large negative absorption in Class A buildings. Vacancy increased to 13.0% citywide. Rental rates increased slightly to $35.93 on average. The report also discusses the impacts of COVID-19 on the market and expectations for Q2 2020.
The U.S. industrial market experienced strong net absorption in Q3 2018, with overall vacancy remaining at historic lows despite increased construction. Demand was broad-based across regions and product types, with the South and West leading in absorption. Rents continued rising above 5% annually in over half of markets as demand outstripped supply in a tight market. The development pipeline expanded but speculative construction remains concentrated in top markets, indicating limited overbuilding risk through 2019.
The document provides an overview of the US industrial real estate market in Q1 2016. Some key points:
- Net absorption was 57.9 million square feet, an increase over Q1 2015. Vacancy fell to 6.1%, its lowest level in 30 years.
- 22 markets saw over 1 million square feet of positive net absorption. Strong employment and consumer spending are driving demand.
- Online retail sales continue to grow much faster than overall retail and support additional industrial space needs. Speculative construction is increasing but remains controlled.
- Rents increased 3.8% year-over-year nationally, with over 20% of markets seeing double-digit rent growth. Fundamentals remain strong across the industrial
North American Office Highlights Q4 2014Coy Davidson
This document summarizes key findings from Colliers International's Q4 2014 North American office market report. It finds that:
1) The U.S. office vacancy rate decreased while the Canadian rate increased, bringing the overall North American vacancy rate down.
2) Absorption in the U.S. was strong, reaching its highest levels since 2006, while construction activity also increased.
3) Transaction volume reached a post-recession high in 2014, though it remained below peak levels, with investment concentrated in major cities.
U.S. Office market statistics, trends and outlook: Q2 2015 JLL
After a slow first quarter, office market fundamentals made a significant rebound at the close of Q2, undermining suggestions that both economic and office-market growth were slowing. As activity returns—and in many markets, intensifies—much needed supply will offer new opportunities to carry us into latter half of the decade.
Since the start of the year, rents have increased by 2.5%, with some in-demand markets increasing up to 5%. If market momentum continues as we anticipate, rents could reach a 5-7% annual growth rate by year end.
-U.S. Office Market Was Driven by the Tech
Sector in the Fourth Quarter of 2018
-Absorption exceeds construction completions, vacancy
declines and the pipeline grows
-Tech markets tighten
-Rents rise, but the pace slows:
Colliers North American Office Highlights 2Q 2013Coy Davidson
The document provides a summary of key office market indicators for North America in Q2 2013. Some key points:
- The overall North American vacancy rate decreased slightly to 13.86% due to declines in the US rate, while the Canadian rate increased slightly.
- Net absorption surged to 15.5 million square feet, an increase from the previous quarter, driven by an improving US economy despite headwinds.
- Construction activity remains low compared to historical levels and concentrated in strong demand markets, which will support the recovery.
- Transaction volume increased 36% year-over-year, with investors taking on more risk amid global economic weakness.
2019 Q3 Colliers St. Louis Industrial Market ReportColliersSTL
Heavy absorption of industrial space in St. Louis is driving continued construction activity and lowering vacancy rates. Year-to-date absorption is nearly 3 million square feet, pushing overall vacancy to its lowest rate since 2006. While speculative construction completions may increase vacancy going forward, absorption is expected to remain positive. Rental rates are trending upward but have decreased from earlier in the year due to increased competition and tax abatements. The St. Louis economy remains strong but signs of a potential national economic slowdown in 2020 have emerged.
Cushman & Wakefield's Americas Market Beat~ Industrial Philadelphia q32016Matthew Marshall
The document summarizes industrial real estate market trends in the Philadelphia area in Q3 2016. It finds that the overall vacancy rate declined from the previous year to 4.9% as net absorption increased significantly. Asking rental rates also increased slightly. Looking ahead, nearly 1 million square feet of new speculative construction in Southern New Jersey is projected to be completed next quarter without preleasing, which will likely cause vacancy to rise in that submarket.
RECI July 2016 Metro Chicago Core MOB SnapshotThomas Amato
The document provides an analysis of the Metro Chicago medical office building (MOB) market for the second quarter of 2016. It finds that while job growth and demand for healthcare services remains strong, the MOB market is showing signs of slowing absorption due to a large single vacancy. Specifically, vacancy rose to 13.7% due to the vacancy of a 153,000 square foot building, while average asking rents continued to increase. The outlook remains positive, with expectations that vacancy will decline over the long term as demand and MOB job growth remain strong, fueling need for additional space.
This document summarizes real estate market conditions in Montreal, Quebec in the first quarter of 2019. It finds that the unemployment rate remained unchanged at 5.9% and vacancy rates declined to 10.9% as positive absorption of 795,000 square feet continued across major markets. Rental rates increased slightly by 2% annually as large blocks of available space disappeared and demand increased in a tightening market. The outlook is for the positive momentum to continue through 2019, with further tightening of vacancy rates and small increases in average rental rates.
U.S. Office market statistics, trends and outlook: Q3 2015JLL
The economy is growing and employers across industries are adding jobs, especially in urban and dense markets. As a result, expansionary activity remained the dominant office leasing driver in Q3 2015.
This growth has left primary markets challenged by supply constraints, creating a competitive environment for tenants. Secondary and tertiary markets like Charlotte, Phoenix, Portland and Salt Lake City are now benefitting from economic expansion and investment activity.
Learn more about what’s happening—and what we expect to occur in the coming months—in the U.S. office markets.
2019 Q4 Industrial St. Louis Report ColliersColliersSTL
The St. Louis industrial market saw record construction levels in 2019, with 6.29 million square feet completed, driven by build-to-suit projects. Notable projects included two buildings for World Wide Technology totaling 2 million square feet in the Metro East submarket. Overall vacancy rose slightly to 6.53% due to speculative construction deliveries, while rents decreased slightly and absorption remained strong at over 4.6 million square feet. The Metro East submarket accounted for over half of total vacant space but also the most construction, leasing, and positive absorption.
Q1 - 2015 North American Industrial HighlightsCoy Davidson
The North American industrial vacancy rate declined 15 basis points to 6.7% in Q1 2015. Net absorption was strong at 63.1 million square feet, while 52.0 million square feet of new space was added. Healthy demand and a need for modern space has led to an upswing in construction activity in both the US and Canada. Tightening market conditions have pushed up industrial rents, with average US warehouse rents rising 2.2% to $5.16 per square foot.
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1. M A R K E T B E AT
Still Feeling the Impact of the Recession
Economy: Although the recession that began in March 2020, triggered by COVID-19, was short and steep, its
impact was still being felt in the U.S. office market through the fourth quarter.
After economic activity had collapsed at a record pace in Q2, it rebounded almost as sharply in Q3. By the
fourth quarter, the pace of recovery had slowed some, and by most measures, economic performance was still
below pre-recession levels. Although optimism that the economy would recover improved during the quarter as
effective vaccines were approved and began to be distributed, the number of new COVID-19 cases continued to
rise and occupiers continued to shed space, pushing up vacancy. In addition, the amount of sublease space on
the market had risen sharply—a phenomenon which has put downward pressure on rents in the past.
Absorption falls even more: After a steep decline of 2.9 million jobs (-8.6%) in March and April, office-using
employment rebounded throughout the balance of the year, adding back 1.6 million jobs from May through
December. This still leaves a deficit of 1.2 million jobs below the level of February 2020, reflected in a sharp
drop in office occupancy. In Q4 2020, net absorption totaled -43 million square feet (msf), the third consecutive
quarter of negative absorption. From Q2 through Q4 2020 a total of -103 msf came back to the market, the
largest three-quarter decline in occupancy we have ever recorded. A record 74 of the 87 markets tracked by
Cushman & Wakefield recorded negative absorption in Q4 and 15 of these markets had -1.0 msf or more of
negative absorption.
Sublease space rises: As 2020 unfolded, we saw a sharp increase in the amount of sublease space available in
the office market. Compared to the end of 2019, with 62.6 msf of sublease space on the market, the volume of
such space had nearly doubled to 111.9 msf only one year later—the largest amount of sublease available since
Q3 2003. Sublease space had risen to 13.4% of all available space, up from 9.1% a year ago and the highest
share since the dot com bust from 2001 to 2003. San Francisco is experiencing the greatest impact from
15.5%
Vacancy Rate
-43.0M
Net Absorption, SF
$35.10
Asking Rent, PSF
ECONOMIC INDICATORS
Q4 2020
31.9M
12-Mo.
Forecast
Office-using
Employment
142.5M
Total Nonfarm
Employment
6.7%
U.S.
Unemployment Rate
12-Mo.
Forecast
YoY
Chg
Source: BLS
YoY
Chg
(Overall, All Property Classes)
5.6%
Rent Growth
OVERALL VACANCY & ASKING RENT
0.0%
5.0%
10.0%
15.0%
20.0%
$26
$28
$30
$32
$34
$36
2017 2018 2019 2020
Asking Rent, $ PSF Vacancy Rate
SPACE DEMAND / DELIVERIES
-100
-60
-20
20
60
2017 2018 2019 2020
Millions
Net Absorption, SF Construction Completions, SF
U.S. NATIONAL
Office Q4 2020
123.8M
Under Construction
2. M A R K E T B E AT
cushmanwakefield.com | 2
20
60
100
140
2017 2018 2019 2020
MSF
Average = 117 MSF
SPACE UNDER CONSTRUCTION
$0
$30
$60
$90
$
PSF
National Average = $35.10
ASKING RENT BY MARKET
HIGHEST PRICED U.S. MARKETS
2%
6%
10%
14%
18% National Average = 15.5%
VACANCY BY MARKET SELECT MARKETS IN THE U.S.
Outlook
• After a surge in Q3 2020, the economy slowed in Q4 2020 as the pandemic worsened while
fiscal policy was on hold. With effective vaccines now being distributed and with more fiscal
stimulus on the way, confidence should rise and it is only a matter of time before the pace of
growth accelerates again. We expect the recovery in the U.S. to continue through 2021, with
strength backloaded in the second half of the year.
• Vacancy is likely to rise further as the impact of job losses continues to be felt and the remote
working dynamic works its way through the office sector. However, as the economy picks
up so too will office leasing activity—a critical step in determining where the office leasing
fundamentals will ultimately settle in.
• Asking rents are likely to decline in the next few quarters as owners face pressure from a rising
volume of sublease space. Cushman & Wakefield anticipates that it will be a couple of years
before national rental rates begin to appreciate again in the aggregate.
U.S. NATIONAL Office Q4 2020
sublease space, which accounted for more than half (51.8%) of all the space on the market. Other
markets experiencing a high level of sublease space include Midtown South Manhattan (40.9%),
San Mateo County, CA (33.7%), Puget Sound, OR (33.5%), and Austin (29.3%). An increase in
sublease space tends to be a precursor to declines in asking rents; the surge in 2020 suggests we
will see rising downward pressure on rents in 2021.
Vacancy continues to surge: As demand for space was falling, the volume of new supply
continued to increase as projects under construction were completed. The fourth quarter saw
13.0 msf of space delivered, the most for the year. This increase along with the decline in
absorption led to a surge in vacancy across the nation. The national vacancy rate jumped from
14.4% in Q3 to 15.5% in Q4, the largest increase in a single quarter since Q1 2002. A year ago, the
national vacancy rate was 12.9%.
Markets that have experienced substantial declines in occupancy are among those with the
largest increase in vacancy, including Midtown South Manhattan (+380 basis points [bps] from Q3
to Q4), San Francisco (+300 bps), Boston (+290 bps), and Seattle (+240 bps). A total of 78
markets reported a higher vacancy rate in Q4 than in Q3 2020.
3. M A R K E T B E AT
cushmanwakefield.com | 3
Net Absorption Leasing Activity**
U.S. Office Markets Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020p 2020p
Atlanta, GA 595,473 1,066,396 -236,154 -730,439 -1,781,913 9,048,526
Austin, TX 337,516 152,769 -778,783 -1,283,638 -539,482 2,673,502
Baltimore, MD 127,121 154,426 -274,728 202,059 -665,830 4,085,068
Binghamton, NY 25,252 -20,727 14,611 -3,608 -14,171 44,352
Birmingham, AL 3,731 118,694 -112,272 -159,025 127,589 565,639
Boise, ID N/A 209,074 179,441 90,142 117,878 973,948
Boston, MA 398,458 -398,476 -822,826 -1,503,822 -4,803,806 3,927,816
Buffalo, NY 73,399 -113,953 223,282 -216,829 76,666 619,622
Charleston, SC -197,879 -147,023 133,447 -223,504 -10,995 903,077
Charlotte, NC 193,879 252,972 -252,569 -542,923 -492,690 2,838,705
Chicago, IL 80,894 66,405 -189,233 -303,013 -2,023,543 11,253,156
Cincinnati, OH 970 164,154 -90,206 -85,654 -393,892 1,587,494
Cleveland, OH -117,385 175,864 -115,311 -189,851 -405,887 2,128,480
Colorado Springs, CO 143,836 232,967 -8,457 -27,717 -20,508 1,126,126
Columbus, OH N/A -58,225 -48,285 -609,194 -17,234 1,834,616
Dallas, TX 597,400 -260,402 -1,787,099 -1,920,356 -1,020,316 11,519,646
Denver, CO 515,446 579,792 -804,841 -1,373,388 -1,570,598 7,485,770
Detroit, MI -28,278 83,407 -343,703 -1,214,780 -386,212 2,314,509
El Paso, TX 65,442 -11,515 -100,801 -144,863 -181,269 304,853
Fairfield County, CT -428,367 -21,473 207,782 -703,254 -98,102 2,043,627
Fort Lauderdale, FL 22,036 -46,462 -200,715 -239,397 -185,840 1,589,347
Fort Myers/Naples. FL 30,368 416,559 -87,327 -87,989 111,338 677,448
Fort Worth, TX 27,566 -43,666 -75,597 -172,962 -85,105 552,299
Frederkicksburg, VA 16,963 70,351 -496 -127,467 56,574 179,656
Greenville, SC 55,552 59,155 -135,820 -431,143 -127,060 692,148
Hampton Roads, VA 90,899 205,155 64,722 340,687 20,572 1,113,814
Hartford, CT -81,201 -13,163 -127,736 84,528 34,833 765,801
Houston, TX 1,667,417 -246,816 -1,144,152 -1,860,060 -1,170,471 12,154,284
Indianapolis, IN -110,159 -13,969 -4,972 59,415 -64,838 1,993,635
Inland Empire CA 60,940 53,067 -162,440 -73,244 -351,389 1,075,039
Jacksonville, FL -325,428 -198,299 -168,430 25,885 -91,067 1,489,323
Kansas City, MO 42,345 81,171 -476,118 -459,460 -139,426 3,194,229
Las Vegas, NV -59,994 248,410 17,938 -262,875 -252,798 1,610,414
Long Island, NY -166,448 -179,271 -105,883 -65,031 -190,939 1,515,424
Los Angeles CBD -276,221 -12,270 -182,397 -346,992 73,547 1,211,072
Los Angeles Non-CBD -129,975 1,248,327 -1,251,285 -2,422,330 -1,550,105 9,472,922
Louisville, KY -35,486 -55,833 21,713 -64,124 -5,714 906,826
Memphis, TN -34,162 -3,277 92,681 -302,160 -148,975 903,568
Miami, FL 115,131 -46,164 -152,364 -427,453 -225,140 2,256,850
Milwaukee, WI -25,104 195,720 75,677 18,048 99,051 1,474,924
Minneapolis/St. Paul, MN -21,181 20,918 198,681 -314,901 -483,014 4,209,180
Nashville, TN 198,742 -39,861 -162,107 -145,065 -156,309 2,586,932
New Haven, CT 64,754 4,413 -68,929 -13,505 -30,192 234,216
New Jersey - Central 128,286 249,084 -526,079 -450,674 -1,662,996 3,228,513
Net Absorption Leasing Activity**
U.S. Office Markets Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020p 2020p
New Jersey - Northern 211,282 134,163 -71,218 -543,639 -1,056,095 5,353,487
New Orleans, LA 101,265 12,766 -52,180 -197,798 -98,095 549,983
New York - Brooklyn 511,044 843,289 -287,218 -368,920 -17,614 1,334,950
New York - Downtown -187,348 -183,260 420,272 -793,269 -1,464,681 3,466,133
New York - Midtown 5,569,417 -750,790 -1,578,548 -3,187,621 -3,527,446 14,246,254
New York – Midtown South 309,788 17,208 -313,889 -1,464,612 -2,451,117 2,283,444
Northern VA 875,478 830,269 -99,927 -159,764 -274,243 8,864,758
Oakland/East Bay, CA* -651,202 -1,130,945 -794,868 -1,201,233 -682,717 4,905,171
Omaha, NE 31,009 -39,913 -85,549 -71,094 14,001 672,624
Orange County, CA 601,084 153,516 -482,656 -1,142,095 -832,398 5,455,469
Orlando, FL -327,007 270,480 -242,069 -341,711 -54,555 2,528,907
Palm Beach, FL -87,005 12,155 145,111 -152,054 -10,656 1,509,067
Philadelphia, PA -207,597 14,258 -466,089 256,116 -298,471 4,991,679
Phoenix, AZ 1,182,603 237,714 -1,877,045 -100,524 -205,411 3,960,322
Pittsburgh, PA 288,417 -355,304 -111,376 -426,294 -321,853 1,399,236
Portland, OR -176,631 -94,607 -148,281 -584,845 -889,727 1,732,739
Providence, RI -151,550 -39,502 14,258 -126,816 -102,332 367,595
Puget Sound - Eastside 400,800 -79,510 108,298 -501,569 -638,502 3,785,336
Raleigh/Durham, NC 350,155 421,020 161,922 6,310 254,938 2,207,748
Reno, NV -4,055 35,606 -96,734 -32,544 -34,696 515,084
Richmond, VA -111,883 -116,917 95,131 -419,854 -142,435 1,806,037
Roanoke, VA 67,304 -30,386 -53,700 18,136 -93,569 155,947
Rochester, NY 465,130 465,131 -583,369 40,419 -92,759 293,411
Sacramento, CA 368,090 168,033 -115,540 -62,637 -496,060 3,512,694
Salt Lake City, UT 327,384 224,860 -116,396 -368,742 -432,362 2,490,294
San Diego, CA 654,576 -298,303 -571,647 -553,198 -910,808 5,720,613
San Francisco, CA -206,369 -505,543 -2,698,204 -3,448,711 -2,486,054 3,557,189
San Francisco North Bay, CA -91,233 -30,777 -168,458 -143,737 -198,790 472,889
San Jose, CA 869,940 385,689 -858,866 -731,522 -1,449,578 12,090,843
San Juan, PR N/A N/A N/A N/A N/A N/A
San Mateo County, CA* 429,952 1,496,062 -333,641 -941,375 -389,617 3,298,994
Savannah, GA 62,115 N/A 5,710 N/A -10,482 16,050
Seattle, WA 613,774 644,344 -179,428 -1,349,356 -1,340,016 2,476,034
Southern NH 50,400 15,775 -16,274 156,520 -334,583 226,048
St. Louis, MO -188,158 248,869 42,014 -324,197 -471,799 2,675,708
St. Petersburg/Clearwater, FL 66,886 -118,140 -61,558 -164,394 -131,912 559,432
Suburban MD -62,138 93,495 -119,984 -112,502 -113,409 3,373,918
Syracuse, NY 52,791 87,051 -42,377 0 -16,690 399,814
Tampa, FL -87,241 -13,091 61,736 -33,062 -118,711 2,740,574
Tucson, AZ -93,525 -65,559 -7,425 -48,654 101,950 860,519
Tulsa, OK 230,540 -574,159 -40,852 -253,204 -42,542 736,432
Washington, DC -56,755 -189,334 -198,463 -374,632 -440,776 7,840,256
Westchester County, NY -140,351 -179,567 7,897 -302,510 -97,434 1,028,429
p = preliminary, *Includes R&D, **Leasing activity includes renewals
U.S. NATIONAL Demand Indicators Q4 2020
Net Absorption Leasing Activity**
U.S. Office Markets Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020p 2020p
United States 15,088,367 6,190,116 -21,861,345 -39,144,152 -42,830,977 248,828,508
Northeast 6,785,556 -425,114 -4,233,709 -9,632,821 -16,469,782 47,769,851
Midwest -335,047 1,019,639 -1,037,005 -3,494,681 -4,200,043 33,338,555
South 4,179,488 1,849,886 -6,082,598 -10,392,934 -7,848,550 89,930,621
West 4,458,370 3,745,705 -10,508,033 -15,623,716 -14,312,602 77,789,481
4. M A R K E T B E AT
cushmanwakefield.com | 4
Overall Direct
U.S. Office Markets Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020p Q4 2020p
Atlanta, GA 18.2% 18.5% 18.8% 19.2% 20.5% 18.1%
Austin, TX 9.0% 10.0% 12.5% 15.1% 17.3% 12.3%
Baltimore, MD 12.3% 12.1% 12.5% 12.6% 13.4% 12.6%
Binghamton, NY 5.7% 6.1% 5.8% 6.0% 6.4% 6.4%
Birmingham, AL 16.6% 16.2% 16.8% 17.5% 16.9% 16.2%
Boise, ID 7.8% 6.5% 5.4% 7.6% 8.0% 7.0%
Boston, MA 9.1% 9.2% 9.5% 9.5% 12.4% 9.9%
Buffalo, NY 15.4% 15.9% 15.1% 16.5% 16.5% 15.3%
Charleston, SC 7.4% 7.8% 8.0% 8.9% 9.4% 7.5%
Charlotte, NC 10.2% 8.3% 10.9% 12.1% 13.2% 11.3%
Chicago, IL 17.4% 17.6% 18.0% 18.2% 19.5% 17.5%
Cincinnati, OH 18.0% 17.5% 17.8% 18.0% 19.2% 17.8%
Cleveland, OH 6.5% 6.4% 6.5% 6.3% 6.6% 6.3%
Colorado Springs, CO 7.7% 7.2% 7.0% 8.0% 8.4% 8.0%
Columbus, OH 16.8% 17.0% 17.8% 19.5% 20.3% 18.1%
Dallas, TX 18.6% 18.8% 19.7% 20.9% 21.4% 19.7%
Denver, CO 14.5% 14.2% 14.7% 16.3% 17.7% 15.1%
Detroit, MI 11.6% 11.7% 12.4% 13.5% 14.1% 13.5%
El Paso, TX 4.8% 4.7% 5.3% 6.1% 6.9% 6.8%
Fairfield County, CT 27.8% 27.9% 27.6% 29.4% 29.7% 23.5%
Fort Lauderdale, FL 11.1% 11.4% 12.2% 13.0% 14.7% 13.6%
Fort Myers/Naples. FL 5.5% 4.9% 5.3% 5.9% 5.7% 5.4%
Fort Worth, TX 11.4% 11.6% 12.0% 12.9% 13.4% 12.7%
Fredericksburg, VA 9.1% 8.6% 8.6% 9.9% 9.8% 9.5%
Greenville, SC 6.5% 7.5% 8.3% 9.9% 11.2% 10.3%
Hampton Roads, VA 8.4% 7.7% 7.8% 8.0% 8.3% 8.1%
Hartford, CT 16.7% 17.6% 17.6% 17.3% 17.1% 15.9%
Houston, TX 21.3% 22.3% 22.5% 23.7% 24.3% 22.5%
Indianapolis, IN 17.0% 17.3% 17.3% 17.8% 18.0% 17.3%
Inland Empire CA 5.8% 5.5% 6.3% 7.4% 9.0% 8.6%
Jacksonville, FL 14.7% 15.6% 16.4% 16.3% 17.0% 15.4%
Kansas City, MO 13.5% 13.6% 14.9% 16.1% 16.4% 14.7%
Las Vegas, NV 13.3% 12.2% 12.4% 12.9% 13.5% 12.9%
Long Island, NY 10.5% 11.3% 11.5% 11.7% 12.2% 10.3%
Los Angeles CBD 19.5% 19.5% 20.5% 21.8% 21.5% 20.0%
Los Angeles Non-CBD 14.0% 13.6% 14.3% 15.7% 17.3% 15.7%
Louisville, KY 12.7% 13.6% 13.5% 13.8% 14.3% 13.5%
Memphis, TN 13.5% 12.6% 12.4% 14.9% 15.5% 15.0%
Miami, FL 12.6% 12.9% 13.2% 15.0% 16.2% 15.4%
Milwaukee, WI 16.5% 18.3% 18.9% 19.0% 19.8% 19.8%
Minneapolis/St. Paul, MN 17.9% 17.9% 18.2% 19.1% 19.9% 18.5%
Nashville, TN 10.3% 11.0% 12.5% 13.8% 15.0% 12.2%
New Haven, CT 11.9% 11.7% 12.1% 12.3% 12.5% 12.1%
New Jersey - Central 16.2% 15.9% 16.5% 17.1% 19.0% 15.6%
Overall Direct
U.S. Office Markets Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020p Q4 2020p
New Jersey - Northern 17.3% 17.3% 17.6% 18.1% 19.1% 16.2%
New Orleans, LA 8.8% 8.6% 8.8% 9.4% 9.9% 9.3%
New York - Brooklyn 21.4% 19.4% 20.4% 21.6% 22.9% 19.7%
New York - Downtown 11.6% 11.8% 11.3% 12.0% 13.7% 8.6%
New York - Midtown 11.6% 12.1% 12.5% 14.4% 15.8% 11.5%
New York – Midtown South 8.3% 8.3% 8.8% 11.0% 14.8% 8.7%
Northern VA 18.4% 18.0% 18.1% 18.3% 18.6% 17.5%
Oakland/East Bay, CA* 11.4% 11.7% 11.8% 13.2% 13.8% 10.4%
Omaha, NE 9.8% 10.5% 11.8% 12.8% 13.2% 11.8%
Orange County, CA 11.2% 11.2% 11.8% 13.3% 13.6% 12.1%
Orlando, FL 9.8% 9.6% 10.5% 11.7% 11.7% 10.5%
Palm Beach, FL 13.9% 13.9% 13.4% 14.0% 14.5% 13.6%
Philadelphia, PA 13.8% 13.9% 14.1% 13.6% 14.2% 13.2%
Phoenix, AZ 14.4% 15.7% 17.3% 13.6% 15.4% 13.8%
Pittsburgh, PA 10.2% 10.9% 10.4% 11.8% 12.2% 10.5%
Portland, OR 10.1% 10.8% 11.8% 12.1% 12.7% 11.7%
Providence, RI 7.4% 11.4% 11.1% 11.4% 11.9% 11.1%
Puget Sound - Eastside 3.8% 4.0% 4.7% 6.1% 8.1% 5.4%
Raleigh/Durham, NC 10.0% 10.6% 8.6% 9.3% 10.2% 9.0%
Reno, NV 9.7% 9.3% 10.7% 12.3% 12.8% 12.1%
Richmond, VA 5.8% 5.8% 5.8% 6.6% 7.7% 6.3%
Roanoke, VA 4.7% 5.0% 5.4% 5.3% 6.0% 6.0%
Rochester, NY 8.6% 8.6% 12.8% 12.5% 13.1% 13.1%
Sacramento, CA 8.2% 7.8% 7.9% 8.1% 10.4% 9.7%
Salt Lake City, UT 9.9% 10.3% 12.1% 13.9% 15.7% 12.9%
San Diego, CA 12.0% 12.7% 13.4% 14.4% 15.6% 14.2%
San Francisco, CA 5.7% 6.4% 9.6% 13.7% 16.7% 8.0%
San Francisco North Bay, CA 9.1% 9.3% 10.1% 10.8% 11.8% 10.4%
San Jose, CA 9.7% 9.9% 10.4% 11.2% 12.1% 9.0%
San Juan, PR 10.5% 12.6% 13.2% 13.8% 14.6% 14.6%
San Mateo County, CA* 7.8% 7.6% 8.6% 10.2% 11.0% 7.3%
Savannah, GA 13.1% 13.1% 12.6% 12.6% 9.9% 9.9%
Seattle, WA 7.9% 8.2% 9.4% 11.5% 13.9% 10.7%
Southern NH 7.5% 6.7% 6.7% 5.6% 8.4% 7.9%
St. Louis, MO 12.4% 11.8% 11.9% 13.0% 14.1% 13.2%
St. Petersburg/Clearwater, FL 8.9% 10.0% 10.5% 11.9% 13.1% 11.3%
Suburban MD 18.6% 18.4% 18.6% 19.1% 19.4% 18.3%
Syracuse, NY 12.0% 11.1% 11.1% 11.1% 12.9% 12.9%
Tampa, FL 13.4% 13.3% 13.1% 14.2% 15.0% 12.4%
Tucson, AZ 8.0% 8.7% 9.0% 9.4% 9.2% 8.9%
Tulsa, OK 10.1% 11.3% 11.5% 12.1% 12.2% 11.1%
Washington, DC 14.8% 15.8% 16.3% 16.7% 17.1% 16.0%
Westchester County, NY 22.7% 23.4% 23.4% 24.7% 25.1% 22.9%
U.S. NATIONAL Vacancy Rates Q4 2020
p = preliminary, *Includes R&D
Overall Direct
U.S. Office Markets Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020p Q4 2020p
United States 12.9% 13.1% 13.6% 14.4% 15.5% 13.4%
Northeast 12.9% 13.1% 13.4% 14.1% 15.6% 12.6%
Midwest 13.9% 14.0% 14.5% 15.0% 15.8% 14.6%
South 14.4% 14.6% 15.1% 15.9% 16.6% 15.1%
West 10.8% 10.9% 11.7% 12.7% 14.0% 11.5%
5. M A R K E T B E AT
cushmanwakefield.com | 5
Overall (All Classes) Class A
U.S. Office Markets Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020p Q4 2020p
Atlanta, GA $27.07 $27.22 $27.43 $28.08 $27.96 $30.49
Austin, TX $39.20 $39.77 $40.81 $41.38 $42.43 $47.27
Baltimore, MD $23.93 $23.46 $23.18 $23.26 $23.31 $27.08
Binghamton, NY $13.18 $13.21 $13.21 $13.02 $13.02 $13.02
Birmingham, AL $20.64 $20.77 $20.79 $20.87 $21.25 $22.31
Boise, ID $19.34 $19.67 $19.83 $19.80 $19.88 $22.50
Boston, MA $38.68 $38.75 $37.18 $38.67 $37.66 $39.00
Buffalo, NY $17.70 $17.70 $17.70 $17.70 $17.70 $23.60
Charleston, SC $26.21 $26.74 $26.91 $27.62 $27.61 $29.61
Charlotte, NC $29.78 $29.04 $29.60 $29.31 $28.96 $31.77
Chicago, IL $30.92 $31.08 $31.52 $32.18 $32.19 $38.00
Cincinnati, OH $19.42 $19.36 $19.37 $19.47 $19.48 $22.06
Cleveland, OH $18.03 $18.39 $18.76 $18.94 $19.02 $22.63
Colorado Springs, CO $17.79 $18.30 $19.82 $21.23 $21.27 $22.46
Columbus, OH $21.13 $20.57 $20.64 $20.63 $20.75 $23.39
Dallas, TX $26.88 $26.60 $26.52 $26.60 $26.68 $31.12
Denver, CO $28.58 $28.93 $29.17 $29.58 $29.62 $34.12
Detroit, MI $20.26 $20.49 $20.50 $20.85 $20.94 $22.79
El Paso, TX $15.22 $16.38 $16.22 $17.71 $17.64 $17.70
Fairfield County, CT $31.36 $31.64 $31.90 $31.77 $32.14 $35.13
Fort Lauderdale, FL $33.28 $33.79 $33.97 $34.16 $35.94 $41.08
Fort Myers/Naples. FL $15.76 $15.98 $16.24 $18.63 $19.63 $21.30
Fort Worth, TX $24.03 $24.14 $23.93 $24.45 $24.25 $28.91
Frederkicksburg, VA $23.25 $23.22 $23.17 $23.99 $23.86 $25.22
Greenville, SC $20.37 $20.93 $21.56 $21.73 $22.35 $24.51
Hampton Roads, VA $18.67 $18.81 $19.20 $19.96 $19.97 $22.17
Hartford, CT $20.80 $20.33 $20.33 $20.35 $20.35 $22.56
Houston, TX $29.31 $31.12 $31.32 $31.18 $31.25 $37.48
Indianapolis, IN $20.58 $21.10 $21.14 $21.26 $21.38 $23.74
Inland Empire CA $24.05 $24.04 $24.01 $24.35 $24.47 $27.93
Jacksonville, FL $21.24 $21.25 $21.28 $21.18 $21.10 $23.77
Kansas City, MO $21.61 $21.60 $21.84 $21.88 $21.89 $26.34
Las Vegas, NV $22.85 $24.62 $24.63 $24.68 $24.50 $29.87
Long Island, NY $31.18 $31.78 $31.47 $31.97 $31.92 $35.72
Los Angeles CBD $44.41 $44.59 $44.59 $45.13 $45.10 $46.57
Los Angeles Non-CBD $40.55 $41.39 $41.79 $42.30 $43.11 $46.87
Louisville, KY $17.83 $18.23 $18.17 $18.13 $18.38 $20.70
Memphis, TN $19.12 $19.20 $19.41 $19.55 $19.62 $22.63
Miami, FL $40.69 $40.90 $39.96 $41.23 $41.48 $47.16
Milwaukee, WI $20.73 $20.65 $21.16 $21.12 $21.03 $25.23
Minneapolis/St. Paul, MN $26.16 $26.18 $26.24 $26.68 $27.00 $32.04
Nashville, TN $28.19 $28.87 $29.35 $29.84 $30.34 $35.44
New Haven, CT $22.66 $22.16 $22.62 $22.62 $22.60 $23.08
New Jersey - Central $26.32 $26.62 $27.19 $27.11 $27.14 $30.13
Overall (All Classes) Class A
U.S. Office Markets Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020p Q4 2020p
New Jersey - Northern $32.16 $32.08 $32.43 $32.03 $32.08 $36.32
New Orleans, LA $18.52 $18.63 $18.79 $18.82 $18.99 $19.92
New York - Brooklyn $49.79 $47.49 $47.21 $47.34 $49.39 $61.55
New York - Downtown $62.66 $62.70 $63.19 $61.96 $60.92 $64.37
New York - Midtown $76.44 $76.66 $76.34 $78.12 $77.06 $84.12
New York – Midtown South $75.99 $77.40 $76.28 $73.23 $72.70 $88.33
Northern VA $33.57 $33.65 $34.11 $33.72 $33.77 $36.29
Oakland/East Bay, CA* $36.49 $36.32 $39.16 $39.28 $40.03 $47.01
Omaha, NE $19.29 $21.91 $22.38 $22.90 $23.36 $28.99
Orange County, CA $36.53 $35.46 $35.07 $35.09 $35.02 $38.51
Orlando, FL $23.98 $24.21 $24.71 $24.73 $24.36 $26.96
Palm Beach, FL $39.46 $38.49 $38.38 $38.53 $38.40 $46.77
Philadelphia, PA $26.96 $26.97 $27.07 $27.27 $27.52 $30.18
Phoenix, AZ $27.10 $27.40 $27.79 $27.94 $28.15 $32.29
Pittsburgh, PA $20.07 $20.03 $20.31 $20.15 $20.19 $26.19
Portland, OR $29.99 $30.40 $30.60 $31.01 $30.81 $32.88
Providence, RI $19.08 $19.37 $19.05 $18.31 $18.73 $31.25
Puget Sound - Eastside $36.85 $36.15 $37.13 $38.11 $39.54 $46.75
Raleigh/Durham, NC $26.66 $26.88 $26.28 $26.85 $27.06 $28.76
Reno, NV $20.52 $20.76 $21.12 $20.40 $21.00 $25.20
Richmond, VA $19.48 $19.79 $20.22 $20.45 $20.39 $22.47
Roanoke, VA $16.14 $16.79 $18.84 $20.38 $20.12 $23.50
Rochester, NY $18.00 $18.00 $18.00 $18.00 $18.00 $20.66
Sacramento, CA $22.98 $23.11 $23.54 $23.96 $25.43 $30.96
Salt Lake City, UT $24.12 $24.83 $24.42 $24.56 $24.73 $28.62
San Diego, CA $39.03 $40.38 $40.04 $39.96 $40.53 $44.96
San Francisco, CA $81.67 $83.44 $83.23 $78.32 $75.11 $78.39
San Francisco North Bay, CA $32.80 $33.19 $33.13 $33.71 $34.33 $40.36
San Jose, CA $41.79 $41.80 $47.02 $46.19 $46.43 $61.28
San Juan, PR $20.31 $20.06 $20.06 $20.06 $20.06 $20.12
San Mateo County, CA* $68.28 $68.04 $67.34 $67.21 $67.90 $72.20
Savannah, GA $21.29 $21.29 $21.38 $21.38 $22.38 $24.80
Seattle, WA $39.98 $40.68 $40.49 $40.90 $41.85 $47.21
Southern NH $17.75 $20.36 $20.20 $19.88 $20.86 $21.47
St. Louis, MO $20.75 $21.17 $21.26 $21.64 $22.27 $25.18
St. Petersburg/Clearwater, FL $23.71 $23.53 $23.60 $23.30 $23.18 $24.66
Suburban MD $27.49 $28.22 $27.96 $27.87 $28.22 $31.91
Syracuse, NY $17.22 $16.91 $16.94 $16.94 $17.53 $19.42
Tampa, FL $27.40 $27.35 $27.60 $28.20 $29.00 $32.92
Tucson, AZ $20.37 $19.72 $20.35 $20.91 $20.52 $24.62
Tulsa, OK $15.64 $15.91 $16.02 $15.93 $15.96 $18.91
Washington, DC $55.59 $56.52 $56.64 $56.47 $56.63 $62.78
Westchester County, NY $28.86 $28.97 $29.02 $29.11 $29.28 $30.03
U.S. NATIONAL Asking Rents Q4 2020
Overall (All Classes) Class A
U.S. Office Markets Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020p Q4 2020p
United States $33.23 $33.50 $34.01 $34.70 $35.10 $40.69
Northeast $41.68 $41.64 $41.65 $42.96 $43.33 $49.05
Midwest $24.71 $24.90 $25.12 $25.43 $25.62 $29.98
South $29.51 $30.00 $30.17 $30.27 $30.41 $34.66
West $36.47 $36.79 $38.38 $39.43 $39.81 $46.77
p = preliminary, *Includes R&D
6. M A R K E T B E AT
cushmanwakefield.com | 6
U.S. Office Markets Inventory Deliveries 2020
Under Construction
as of Q4 2020p
Atlanta, GA 148,976,437 2,296,646 5,871,815
Austin, TX 56,715,842 2,538,291 5,612,998
Baltimore, MD 77,747,229 336,000 513,641
Binghamton, NY 4,235,005 0 0
Birmingham, AL 19,908,059 0 34,000
Boise, ID 16,248,633 657,531 764,811
Boston, MA 180,835,519 483,890 9,052,954
Buffalo, NY 22,685,335 397,000 0
Charleston, SC 27,284,821 354,519 787,918
Charlotte, NC 53,827,788 739,131 4,441,996
Chicago, IL 240,761,348 3,278,709 4,807,222
Cincinnati, OH 33,747,287 0 360,000
Cleveland, OH 152,484,652 145,079 496,500
Colorado Springs, CO 28,983,365 244,497 357,900
Columbus, OH 34,105,923 618,400 893,149
Dallas, TX 222,054,188 1,762,375 4,242,917
Denver, CO 118,953,235 722,386 1,434,974
Detroit, MI 109,003,425 55,000 788,437
El Paso, TX 19,454,567 32,790 312,711
Fairfield County, CT 38,411,522 110,767 532,258
Fort Lauderdale, FL 28,426,196 391,198 725,210
Fort Myers/Naples. FL 22,285,157 500,500 176,449
Fort Worth, TX 18,652,982 0 0
Frederkicksburg, VA 10,342,879 93,000 0
Greenville, SC 26,445,481 141,000 10,351
Hampton Roads, VA 44,575,961 761,027 0
Hartford, CT 24,255,491 0 0
Houston, TX 190,470,018 872,446 2,719,856
Indianapolis, IN 38,567,509 438,318 344,000
Inland Empire CA 21,798,163 178,285 0
Jacksonville, FL 23,740,994 62,751 0
Kansas City, MO 53,626,088 628,512 564,885
Las Vegas, NV 47,476,205 208,965 420,042
Long Island, NY 36,541,809 0 0
Los Angeles CBD 27,696,147 0 0
Los Angeles Non-CBD 178,197,638 1,506,146 4,524,091
Louisville, KY 20,698,620 254,928 48,000
Memphis, TN 26,094,036 195,100 102,160
Miami, FL 45,592,830 912,056 1,392,391
Milwaukee, WI 30,160,933 817,864 268,076
Minneapolis/St. Paul, MN 78,539,396 550,015 1,144,571
Nashville, TN 44,230,597 1,696,469 3,098,991
New Haven, CT 10,713,686 0 0
New Jersey - Central 83,733,476 0 0
U.S. Office Markets Inventory Deliveries 2020
Under Construction
as of Q4 2020p
New Jersey - Northern 110,501,912 490,000 150,500
New Orleans, LA 26,737,751 0 N/A
New York - Brooklyn 31,192,272 824,626 1,982,516
New York - Downtown 89,047,818 51,755 273,876
New York - Midtown 248,506,215 1,732,955 10,335,946
New York – Midtown South 67,128,342 30,422 4,138,738
Northern VA 134,296,400 789,788 2,614,440
Oakland/East Bay, CA* 109,817,208 543,664 214,000
Omaha, NE 19,826,331 660,041 670,150
Orange County, CA 91,415,050 69,968 822,247
Orlando, FL 36,046,798 493,325 320,800
Palm Beach, FL 23,351,456 172,971 912,996
Philadelphia, PA 134,942,568 398,000 1,454,333
Phoenix, AZ 91,532,967 1,134,666 2,331,818
Pittsburgh, PA 92,899,588 804,308 1,729,917
Portland, OR 55,630,036 1,064,419 731,195
Providence, RI 26,370,691 0 0
Puget Sound - Eastside 35,575,368 436,109 3,034,083
Raleigh/Durham, NC 59,863,040 1,395,583 2,695,659
Reno, NV 7,889,875 0 0
Richmond, VA 53,212,488 212,325 270,995
Roanoke, VA 13,111,326 0 0
Rochester, NY 14,069,668 0 45,000
Sacramento, CA 75,283,688 138,500 906,389
Salt Lake City, UT 39,722,848 1,823,378 2,168,275
San Diego, CA 82,113,511 675,810 3,899,186
San Francisco, CA 83,616,656 0 3,106,534
San Francisco North Bay, CA 20,736,871 0 34,425
San Jose, CA 219,772,471 2,952,073 7,141,853
San Juan, PR 10,312,067 0 0
San Mateo County, CA* 60,140,873 1,962,956 4,244,241
Savannah, GA 3,908,525 23,373 4,717
Seattle, WA 65,886,596 1,787,048 3,070,136
Southern NH 14,250,668 72,000 0
St. Louis, MO 50,072,766 431,408 773,168
St. Petersburg/Clearwater, FL 11,566,894 0 0
Suburban MD 60,615,018 320,276 2,035,767
Syracuse, NY 14,193,955 41,537 277,537
Tampa, FL 31,992,738 570,433 956,845
Tucson, AZ 27,853,347 109,376 796,367
Tulsa, OK 47,858,977 105,702 582,657
Washington, DC 113,180,224 1,405,848 2,180,506
Westchester County, NY 23,413,007 0 0
U.S. NATIONAL Inventory Q4 2020
p = preliminary, *Includes R&D
U.S. Office Markets Inventory Deliveries 2020
Under Construction
as of Q4 2020p
United States 5,368,743,340 48,706,234 123,753,086
Northeast 1,267,928,547 5,437,260 29,973,575
Midwest 840,895,658 7,623,346 11,110,158
South 1,753,578,384 19,429,851 42,666,786
West 1,506,340,751 16,215,777 40,002,567