Bradford Allen is pleased to share with you our latest office market report.
The second half of the year in the suburban office market:
- Vacancy was effectively unchanged in the second half of the year at 24.6%.
- Year-end direct net absorption was negative 1.4 million square feet, significantly worse than 2023’s negative 173,000 square feet.
- Much of the market’s distress lies in older, poorly located properties, which only account for 2.7% of the market’s overall inventory.
- Investment sales activity was up this year as $368 million traded hands, with properties selling for an average discount of 17% from their previous purchase price.