U.S. Commercial Office Vacancy Rates Hit New Highs

Vacancy rates of office buildings hit nearly 20% in 2024


New data from Moody’s Analytics shows nearly 20% of all office space across major US cities was not leased at the end of 2023. This is higher than any previous year.

Implications for commercial property owners and lenders have likely not been fully realized, with regional banks and REITs the most exposed.

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