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CompStak 2024 Mid-Year Office Market Overview Report
Download the 2024 Mid-Year Office Market Overview Report
Looking to stay ahead in the ever-evolving office market? CompStak’s 2024 Mid-Year Office Market Overview Report provides essential insights and trends shaping the industry.
Download the report to explore:
- National Gateway Market Rent Index: After stabilizing in 2023, the index declined in 2024, dipping below its pre-pandemic peak for the first time since late 2021.
- Average Lease Term Extension: The average lease term for renewing and extending tenants surpassed pre-pandemic averages, driven by law firms and government tenants. New leases, while still shorter, are approaching pre-pandemic averages.
- Office-Using Employment Growth: Office-using employment increased by 6.1% above pre-pandemic levels, while unemployment remains low at 4.1%.
- Increase in Prime Class A Rents: Prime Class A office spaces reached a post-pandemic high in effective rents, with triple-digit deals rising to 5.2% of transactions.
- Rising Concession Ratios: Concession ratios in gateway markets remain elevated at 12.9%, reflecting a sustained tenants’ market.
- Expiring Office Leases: Over 22% of office leases in gateway markets are set to expire by mid-2026, marking a crucial period for tenant negotiations, including major leases from government and technology tenants.
- Decline in Remote Work: The annual average of paid full days worked from home has declined over the last four years to 28% in 2024, though hybrid work remains strong.
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