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Written by: Stephen Newbold

Stephen is the National Director of Office Research for Colliers International, where he focuses on analyzing office property trends, compiling Colliers’ thought leadership and delivering timely market projections to provide clients with a leading edge in our industry. Check out his post on Colliers Knowledge Leader here.

U.S. Office Fundamentals Soften as 2022 Closes

Key Takeaways

  • U.S. office vacancy increased at a faster rate in the second half of 2022.

  • Net absorption turned negative in Q4 2022, offsetting the occupancy gains earlier in 2022.

  • Asking rents are mostly holding firm, but generous concessions remain on offer.

  • Sublease space continues to rise and is at record levels.

  • Supply-side risks are limited as construction activity continues to decline.

  • Office occupancy levels are slowly increasing, with most firms adopting a hybrid work model.

  • Annual sales volume fell in 2022, as investors recast their office strategies.

  • The U.S. economic outlook remains subdued.

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