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Office Absorption Likely to Significantly Slow In 2023

Net office space absorption for 2023 is estimated to clock in at 8.1 million square feet.

Recent research from NAIOP reveals that office sector absorption is likely to slow dramatically in 2023, with predictions for the entire year coming in just slightly higher than fourth-quarter 2022 estimates alone.

Net office space absorption in the fourth quarter is predicted to be 7.1 million square feet, and absorption for the entirety of 2023 is estimated to clock in at 8.1 million square feet, according to Hany Guirguis, Ph.D., of Manhattan College and Michael J. Seiler, DBA, of College of William & Mary. The pair forecast absorption in the first three quarters of 2024 to total 13.3 million square feet.

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Lynn Pollack

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