U.S. office vacancy rose at an increased pace in Q3 2022 and asking rents are mostly holding firm, but generous concessions remain on offer. Meanwhile, sublease space is at record levels, according to Colliers' Q3 Office Report released this week.
However, "it will likely take another 18 to 24 months for economic and business concerns to play out," Colliers writes. "Concurrently, occupiers are reviewing their working practices and office space needs."
The U.S. office vacancy rate stands at 15.4%, an increase of 30 basis points in Q3 and 50 basis points year-over-year.
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