At year-end 2023, the regional office market continues to struggle with negative net absorption, rising vacancy and meager investment activity. For the eighth quarter in a row, office vacancy has increased going from 12.98% last quarter to 13.97% currently, a 99 bp surge. The regional market has seen vacancy increases in 14 of the last 16 quarters with a collective 818 bp rise in vacancy since the 2nd quarter 2019’s low mark of 5.79%.
For the full story, go to The Registry PNW.
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