by Calculated Risk on 4/08/2022 01:40:00 PM

Reis reported the office vacancy rate was at 18.1% in Q1 2022, unchanged from 18.1% in Q4, and down from 18.2% in Q1 2021. 

Q2 2021 saw the highest vacancy rate for offices since the early '90s (following the S&L crisis) 

NOTE: This says nothing about how many people are in the offices (related to the increase in work-from-home), just whether or not the office space is leased.

Click on graph for larger image.

This graph shows the office vacancy rate starting in 1980 (prior to 1999 the data is annual).

The office vacancy rate was elevated prior to the pandemic and moved up during the pandemic.

Reis also reported that office effective rents were essentially unchanged in Q1; rents are about at the same rate as early 2019.

All vacancy data courtesy of Reis