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Download the Q2 2024 Office Market Overview Report

Looking to stay ahead in the ever-evolving office market? CompStak’s Biannual Q2 2024 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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