10 Office Markets Facing Deep Challenges

The top 10 office markets in US are continuing to struggle amid the ongoing pandemic. In the third quarter, office performance deteriorated compared to the second quarter, illustrating the depths of this downturn. Negative absorption, flat or decreasing rents and rising vacancy marked the top office markets in the US, according to new research from Colliers International.

The top markets from the report include Manhattan, Washington DC, Chicago, Houston, Los Angeles, San Francisco, Atlanta, Dallas, Seattle and Boston. Among these markets, Chicago was the only city to see positive absorption in the third quarter, but the report expects this to be temporary. It also wasn’t enough to offset the losses. Together, all 10 markets had 15.7 million square feet in negative office absorption, accounting for nearly half of the 37.1 million square feet in total negative office absorption nationwide.