Bradford Allen is pleased to share with you our latest office market report.
The second half of the year in the suburban office market:
- Leasing activity remained above pre-pandemic levels with more than 5.2 million s.f. leased through 2023.
- Absorption remained negative with -930,000 s.f. absorbed through the back half of 2023, resulting in -1.2 million s.f. of net absorption through the year.
- The direct vacancy rate increased to 28.3%.
- The average gross asking rate for the market is $27 per s.f.
