2018 National Office Occupancy

February 13, 2019

Year-over-year office vacancy rate percentages compared nationally and by region, updated quarterly.

Source: CoStar Group Inc.

Vacancy rates for office markets decreased by 20 basis points compared to the fourth quarter of 2017 on a national level. In comparison with the same period in 2016, vacancy rates also dropped by 20 basis points. Vacancy rates recorded the sharpest decline year-over-year in the West (down by 60 basis points). The Midwest (down by 20 basis points) and the Northeast (down by 10 basis points) followed. Vacancy rates remained unchanged in the South.

Forecasts for the fourth quarter of 2019 show that vacancy rates expected to increase in every region, expanding by 20 basis points on a national level. Rates in the West are expected to increase the most, up by 50 basis points, followed by the Northeast (up by 30 basis points) and the Midwest (up by 20 basis points). Vacancy rates in the South are projected to increase by 10 basis points.

—Posted on Feb. 13, 2019

Source: CoStar Group Inc.

Vacancy rates inched down slightly for office markets year-over-year in the West (down by 2.2%), Northeast and the Midwest (both down by 1.2%) in the third quarter of 2018. Rates increased only in the South (up by just 1%). Vacancy rates fell by 1.1 percent on a national level, compared to the third quarter of 2017, and decreased by 2.2 percent compared to the same period in 2016. Vacancy rates for office markets are projected to increase in every region, growing by 2.2 percent on a national level. Rates in the West are expected to increase the most, up by 4.5 percent, followed by the Northeast and Midwest (both up by 1.2 percent) and the South (up by 1 percent).

—Posted on Nov. 9, 2018

Source: CoStar Group Inc.

Vacancy rates dropped slightly for office markets year-over-year in the Midwest (down by 0.8 percent) and the West, down by 1.3 percent in the first quarter of 2018. Vacancy rates posted modest gains in the Northeast (up by 0.1%) and the South (up by 1.9%). Vacancy rates increased by 0.3 percent on a national level, compared to the second quarter of 2017, and decreased by 3.4 percent compared to the same period in 2016. Vacancy rates for office markets are projected to decrease in almost every region, dropping by 2.6 percent on a National level. Rates in the West are expected to decrease the most, down by 4.4 percent, followed by the Northeast (down by 4.2%) and the South (down by 1.9%). Vacancy rates in the Midwest are expected to grow by only 0.2 percent.

—Posted on Aug. 15, 2018

Source: CoStar Group Inc.

Vacancy rates dropped slightly for office markets year-over-year in almost every region, with minor changes registered in the Midwest from 8.6 percent to 8.5 percent, and in the Northeast from 8.7 percent to 8.6 percent in the first quarter of 2018. Vacancy rates remained unchanged on a national level, compared to the first quarter in 2017, but recorded a 50-basis-point decline compared to the same period in 2016. Year-over-year, vacancy rates in the West remained unaltered. Vacancy rates for office markets are projected to increase in every region, growing by 30 basis points on a National level. Rates in the Midwest and the South are expected to increase by 20 basis points, while rates in the West are estimated to increase by 30 basis points, and by 40 basis points in the Northeast.

—Posted on May 15, 2018