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.


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Lynn Pollack

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.