The US office vacancy rate rose by 10 basis points in the firstquarter of 2020, according to the Quarter One 2020 Office Market Outlookpublished by Colliers International this month, although the rateis still at a historic low despite the new coronavirus.
The US office vacancy rate currently sits at 11.5%, according tothe report. Even with the increase, office vacancy rates are belowthe average for the past 21 consecutive quarters. Two-thirds of theUS office markets have rates below the national average of10.3%. Seattle has the lowest vacancy rate of the majormarkets at 6.8%.
Stephen Newbold, national director of office research at CollierInternational in Washington DC, wrote in the report that the mostlasting effect of COVID-19 on the US office markets "could comefrom firms reassessing their space needs and the flexibility oftheir lease agreements."
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Dan Clark
Dan covers cyber security, legal operations and intellectual property for Corporate Counsel. Follow him on Twitter @Danclarkalm.
