{"id":32237,"date":"2021-10-22T08:10:18","date_gmt":"2021-10-22T05:10:18","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=32237"},"modified":"2025-11-12T17:04:35","modified_gmt":"2025-11-12T14:04:35","slug":"office-lease-rate-vacancy-sales-development-report-october-2021","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/office-lease-rate-vacancy-sales-development-report-october-2021\/","title":{"rendered":"Office Vacancy Across Top U.S. Markets Dipped Below 15%, National Leasing Rates Stable"},"content":{"rendered":"
[vc_row][vc_column][vc_column_text css=””]As we approach the conclusion of the second year of the pandemic, most return-to-office deadlines<\/a> remain rather fickle. And, while it\u2019s still uncertain how long it will be until the post-pandemic world<\/a> settles into its new normal rhythm, activity across the top U.S. office markets indicates a sense of optimism due to increasing vaccination rates and declining new case trends in much of the country.<\/p>\n

In fact, our most recent monthly office report<\/a> found that office vacancy in major markets is, once again, on a downward trend, dipping to 14.9% in September. Specifically, the data analyzed showed a decrease of 50 basis points (bps) compared to the previous month, while still 130 bps higher year-over-year (Y-o-Y). However, our analysts also noted that the largest 12-month increases in vacancy were recorded in markets where new supply had been delivered in significant amounts.<\/p>\n

For instance, Austin \u2014 one of the most attractive U.S. cities<\/a> in recent years \u2014 has seen its office vacancy increase 510 bps during the last 12 months. However, developers here have maintained a rather generous local pipeline that has yielded 15% of stock since 2017. An additional 10% of stock was under construction at the close of September. And, with 8.7 million square feet of new Austin office space<\/a> in development, the city is currently home to the third-largest under-construction pipeline, behind only Manhattan (with nearly 21 million square feet under construction) and Boston (13.3 million square feet).<\/p>\n

Similarly, average vacancy for office space in San Francisco<\/a> was up 510 bps Y-o-Y in September. Here, too, data shows a sizeable pipeline yield \u2014 11.2% of stock delivered since 2017. And, as of the end of last month, under-construction projects in the city amounted to nearly 6.5 million square feet (4.1% of stock).<\/p>\n

Meanwhile, the average full-service equivalent listing rate rested at $38.62 per square foot across the top markets surveyed for the report. Although this was $0.10 lower month-over-month, it did mark a 1.2% increase compared to September 2020. On an individual market level, the three largest rate increases were recorded in California and Florida markets. Specifically, Los Angeles office space for rent<\/a> listed for an average of $41.62 per square foot last month \u2014 an increase of 8.1% Y-o-Y, which was the largest asking rate growth among the markets analyzed.<\/p>\n

In second place with a 12-month increase of 6.2% each were the Bay Area \u2014 where rents averaged $55.79 per square foot in September \u2014 and Tampa ($29.70 per square foot). Meanwhile, average listing rates in Miami rested at $43.43 per square foot, which was 5.8% higher than the previous year, for the third-highest rate increase on the list.[\/vc_column_text][\/vc_column][\/vc_row]\n<\/div>","protected":false},"excerpt":{"rendered":"

Office sales across key U.S. office markets analyzed for this most recent report surpassed $50 billion during the first nine months of 2021, while the average sales price per square foot continued to climb. <\/p>\n","protected":false},"author":48,"featured_media":27420,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[42,4014,39],"tags":[],"class_list":["post-32237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-reports","category-featured","category-office","wpautop"],"acf":[],"yoast_head":"\nUS 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