Vacant office space is highest in decades, rent trend experts report

The rate of office space not leased is the highest in decades, according to Moody’s Analytics data on office space in major U.S. cities.

The 19.6% of office space that isn’t leased is the highest since at least 1979 when Moody’s data scientists started to track office leasing, The Wall Street Journal reported on Monday.

The rate surpassed the 19.3% record of 1986 and 1991. Last year, it was 18.8%.

Global real estate services company Jones Lang LaSalle experts reported late last year that “considerable progress in return-to-office plans, growing tenant requirements, declining sublease additions, and a tightening market for high-end space all point to stabilization in 2024.”

Miami-Dade County was the exception. In December, the Miami Association of Realtors reported the office market outlook was “fundamentally strong, with a lower vacancy rate than nationally.”