Bradford Allen is pleased to share with you our latest office market report.
This quarter in the downtown office market:
- 2024 net absorption was negative 3.6 million square feet, nearly double the negative 1.9 million square feet recorded in 2023.
- Direct vacancy continued to climb, reaching a record high of 23.2%.
- The average gross asking rates were $42.85 per square foot.
- Spec suites and full build-outs continued to outperform the market, accounting for an increasing share of leasing activity—28.6% in 2024 up from 9% in 2019.