VNQI - Empty Spaces: US Office Vacancies Rise To Highest Levels in Four Decades | Benzinga
Vacant U.S. office space is rising at an alarming rate as decades of overzealous construction combined with changing work habits leaves commercial buildings at their emptiest since 1979, according to data published on Monday by Moody’s Analytics.
The data show that nearly 20% of office space in major U.S. cities stood unleased by the fourth quarter of 2023, up from 18.8% a year earlier.
While home and hybrid working habits, more common since millions were forced to work from home during the COVID-19 pandemic, have changed the market, Moody’s also suggests that years of overbuilding in the 1970s and 80s is also to blame.
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