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Office occupancy losses hit record lows in 2020. A new report from JLL calls the occupancy decline unprecedented with 84 million square feet in occupancy declines for the year. In the fourth quarter alone, occupancy losses totaled 40 million square feet.

More than half of the occupancy declines happened in CBD markets, and within CBDs, occupancy declines were greatest among commodity product. Class-B office buildings, for example, had occupancy decreases one-and-a-half times faster than class-A and trophy assets. Gateway markets have led the occupancy losses. Nearly 30 million square feet of give-backs occurred in New York and San Francisco. This is 2.2 times the national rate of national occupancy losses.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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