Year-End 24 Suburban Office Market Report

Bradford Allen is pleased to share with you our latest office market report.

The second half of the year in the suburban office market:

  • Vacancy was effectively unchanged in the second half of the year at 24.6%.
  • Year-end direct net absorption was negative 1.4 million square feet, significantly worse than 2023’s negative 173,000 square feet.
  • Much of the market’s distress lies in older, poorly located properties, which only account for 2.7% of the market’s overall inventory.
  • Investment sales activity was up this year as $368 million traded hands, with properties selling for an average discount of 17% from their previous purchase price.