US office vacancy rate hits record high

Source: Axios

“Office vacancy rates reached a record 20.1% in the second quarter — the highest since at least 1979, when Moody’s began tracking. … Long-term leases are taking a long time to unwind, says Moody’s associate economist Nick Luettke. And these vacancy rates are likely to continue to climb for the next few years, peaking at the end of 2026, per Moody’s projections. If the economy moves into a downturn, things could get even worse.” (07/09/24)