GITNUXREPORT 2026

Commercial Real Estate Market Statistics

The U.S. commercial real estate market is struggling with high office vacancies while retail and industrial sectors remain more resilient.

Written by Samuel Norberg·Edited by Rebecca Hargrove·Fact-checked by Jonathan Hale

Published Feb 13, 2026·Last verified Feb 13, 2026·Next review: Aug 2026

How We Build This Report

Primary Source Collection

Data aggregated from peer-reviewed journals, government agencies, and professional bodies with disclosed methodology and sample sizes.

Editorial Curation

Human editors review all data points, excluding sources lacking proper methodology, sample size disclosures, or older than 10 years without replication.

AI-Powered Verification

Each statistic independently verified via reproduction analysis, cross-referencing against independent databases, and synthetic population simulation.

Human Cross-Check

Final human editorial review of all AI-verified statistics. Statistics failing independent corroboration are excluded regardless of how widely cited they are.

Statistics that could not be independently verified are excluded regardless of how widely cited they are elsewhere.

Our process →

Statistic 1

In Q2 2024, U.S. industrial vacancy rates rose to 5.6%, up 60 bps QoQ.

Statistic 2

National average industrial asking rent hit $8.50 per sq ft in June 2024.

Statistic 3

Inland Empire industrial net absorption slowed to 12 million sq ft in Q2 2024.

Statistic 4

U.S. industrial construction deliveries totaled 200 million sq ft in 2023.

Statistic 5

Dallas-Fort Worth industrial vacancy at 8.2% in Q2 2024.

Statistic 6

Phoenix industrial rents rose 2.1% YoY to $10.20 per sq ft in H1 2024.

Statistic 7

U.S. industrial leasing volume was 300 million sq ft in Q2 2024.

Statistic 8

Southeast industrial markets under construction: 150 million sq ft pipeline.

Statistic 9

Chicago industrial vacancy fell to 4.8% in Q1 2024.

Statistic 10

U.S. industrial investment sales reached $25 billion in Q2 2024.

Statistic 11

Southern California's industrial spec development hit record 50 million sq ft in 2023.

Statistic 12

Atlanta industrial absorption: 15 million sq ft in H1 2024.

Statistic 13

National industrial cap rates at 5.2% for built-to-suit in Q2 2024.

Statistic 14

Lehigh Valley industrial vacancy at 3.5%, lowest nationally in Q2 2024.

Statistic 15

U.S. e-commerce drove 40% of industrial demand in 2023.

Statistic 16

Houston industrial rents averaged $9.80 per sq ft in Q2 2024.

Statistic 17

Central Pennsylvania industrial construction: 30 million sq ft underway.

Statistic 18

U.S. industrial availability rate climbed to 6.1% in July 2024.

Statistic 19

Miami-Dade industrial occupancy at 96.5% in Q1 2024.

Statistic 20

Nashville industrial market absorbed 4.5 million sq ft in Q2 2024.

Statistic 21

U.S. flex space vacancy at 7.3% nationally in H1 2024.

Statistic 22

Columbus, OH industrial rents up 5% to $7.50 per sq ft Q2 2024.

Statistic 23

West Coast industrial sales volume down 20% YoY in Q2 2024.

Statistic 24

Savannah, GA industrial vacancy at 2.8% due to port activity.

Statistic 25

U.S. bulk industrial deals averaged 250k sq ft in 2023.

Statistic 26

Kansas City industrial pipeline: 20 million sq ft under construction.

Statistic 27

U.S. total CRE investment volume $95 billion in Q2 2024, up 15% QoQ.

Statistic 28

CRE debt origination hit $120 billion in H1 2024.

Statistic 29

U.S. CRE cap rate average 6.8% across sectors in Q2 2024.

Statistic 30

Foreign investment in U.S. CRE fell to 8% of total volume in 2023.

Statistic 31

Private equity dry powder for CRE at $350 billion as of Q1 2024.

Statistic 32

CMBS issuance reached $45 billion in H1 2024.

Statistic 33

U.S. CRE loan maturities $500 billion in 2024.

Statistic 34

Gateway city CRE returns averaged 5.2% in Q2 2024.

Statistic 35

Life company CRE lending up 10% to $65 billion in 2023.

Statistic 36

U.S. CRE distressed sales rose 25% YoY in Q2 2024.

Statistic 37

REIT market cap totaled $1.3 trillion in June 2024.

Statistic 38

Bridge lending for CRE grew to $100 billion outstanding Q1 2024.

Statistic 39

U.S. CRE pricing index down 5% from peak in 2022.

Statistic 40

Insurance company CRE allocations at 12% of portfolios in 2024.

Statistic 41

Mezzanine debt spreads widened to 450 bps over Treasuries Q2 2024.

Statistic 42

U.S. CRE transaction velocity 45% below pre-pandemic levels in 2024.

Statistic 43

Pension fund CRE commitments $50 billion in H1 2024.

Statistic 44

Delinquency rates for office CMBS hit 10.2% in Q2 2024.

Statistic 45

Core CRE fund IRRs averaged 8.5% for vintage 2023.

Statistic 46

U.S. CRE equity raised $80 billion via funds in 2023.

Statistic 47

Bank CRE exposure $2.8 trillion, 25% of total loans Q1 2024.

Statistic 48

Value-add CRE deals yielded 12% returns in select markets 2023.

Statistic 49

Global CRE investment into U.S. $30 billion in Q2 2024.

Statistic 50

CRE preferred equity volume $15 billion in H1 2024.

Statistic 51

U.S. CRE bid-ask spreads narrowed to 100 bps in Q2 2024.

Statistic 52

National multifamily vacancy rate stabilized at 6.5% in Q2 2024.

Statistic 53

U.S. multifamily asking rents grew 1.2% YoY to $1,650 in June 2024.

Statistic 54

Sun Belt multifamily markets averaged 93% occupancy in Q2 2024.

Statistic 55

National multifamily absorption was 250k units in Q2 2024.

Statistic 56

U.S. multifamily construction starts fell 30% YoY in H1 2024.

Statistic 57

Atlanta multifamily rents rose 2.5% to $1,750 per unit in Q2 2024.

Statistic 58

NYC multifamily vacancy at 2.8%, tightest major market in Q1 2024.

Statistic 59

U.S. multifamily sales volume $45 billion in Q2 2024.

Statistic 60

Austin multifamily supply growth slowed to 1.5% in 2024.

Statistic 61

Midwest multifamily cap rates at 5.4% in H1 2024.

Statistic 62

Phoenix multifamily occupancy dipped to 91% amid deliveries.

Statistic 63

U.S. Class A multifamily rents averaged $2,200 in gateway cities Q2 2024.

Statistic 64

Denver multifamily absorption negative 5k units in Q1 2024.

Statistic 65

National multifamily under construction: 450k units in Q2 2024.

Statistic 66

Miami multifamily vacancy at 5.2% with luxury demand strong.

Statistic 67

U.S. suburban multifamily outperformed urban by 1% rent growth.

Statistic 68

Charlotte multifamily rents flat at $1,600 in H1 2024.

Statistic 69

Multifamily investment returns averaged 7.8% IRR in 2023.

Statistic 70

Seattle multifamily supply glut led to 8.1% vacancy Q2 2024.

Statistic 71

U.S. affordable housing multifamily vacancy at 4.5%.

Statistic 72

Nashville multifamily deliveries: 10k units in 2023.

Statistic 73

Houston multifamily rents up 3% to $1,450 Q2 2024.

Statistic 74

National Baa multifamily CMBS delinquency at 1.2% in Q2 2024.

Statistic 75

Orlando multifamily occupancy 94.5% amid tourism.

Statistic 76

U.S. multifamily cap rates expanded 20 bps to 5.6% Q2 2024.

Statistic 77

Las Vegas multifamily absorption 3k units Q1 2024.

Statistic 78

In Q2 2024, U.S. office vacancy rates averaged 19.8%, marking the highest level since the early 1990s, driven by structural shifts to remote work.

Statistic 79

New York City's Manhattan office market saw asking rents decline by 2.1% year-over-year to $72.50 per sq ft in Q1 2024.

Statistic 80

Sublease space in the U.S. office market reached 208 million sq ft in Q2 2024, representing 4.2% of total inventory.

Statistic 81

San Francisco's office vacancy rate hit 34.3% in Q2 2024, the highest among major U.S. markets.

Statistic 82

U.S. office construction completions totaled 28.5 million sq ft in 2023, down 15% from 2022.

Statistic 83

Downtown Los Angeles office occupancy fell to 84.2% in Q1 2024, with net absorption negative at -1.2 million sq ft.

Statistic 84

Asking rents for Class A office space in Chicago's Central Loop averaged $42.00 per sq ft in Q2 2024.

Statistic 85

U.S. office leasing volume dropped 12% year-over-year to 54 million sq ft in Q2 2024.

Statistic 86

Houston's office market experienced 2.8 million sq ft of negative absorption in 2023.

Statistic 87

Trophy office properties in U.S. gateway markets traded at cap rates of 5.8% in H1 2024.

Statistic 88

Seattle's office vacancy rate climbed to 22.4% in Q2 2024 amid tech sector slowdown.

Statistic 89

U.S. office sector investment volume fell 45% YoY to $18.2 billion in Q2 2024.

Statistic 90

Boston's Cambridge office submarkets saw rents stabilize at $85 per sq ft in Q1 2024.

Statistic 91

National U.S. office availability rate reached 20.1% in June 2024.

Statistic 92

Philadelphia's Center City office market posted -450k sq ft absorption in Q2 2024.

Statistic 93

U.S. office net absorption totaled -15.3 million sq ft in Q1 2024.

Statistic 94

Miami's Brickell office corridor asking rents rose 1.5% to $58.00 per sq ft in Q2 2024.

Statistic 95

Atlanta's office vacancy rate increased to 21.7% in H1 2024.

Statistic 96

Denver's CBD office occupancy dipped to 82% in Q2 2024.

Statistic 97

U.S. office construction pipeline stands at 100 million sq ft under construction as of Q2 2024.

Statistic 98

Washington's NoMa submarket saw 1.2 million sq ft leased in Q1 2024.

Statistic 99

Phoenix office market absorption improved to +300k sq ft in Q2 2024.

Statistic 100

U.S. Sun Belt office markets averaged 18.5% vacancy in Q2 2024.

Statistic 101

Dallas' Uptown office rents held at $38.50 per sq ft in H1 2024.

Statistic 102

Nashville's office vacancy stabilized at 12.8% in Q2 2024.

Statistic 103

U.S. office sales volume was $42 billion in 2023, down 54% from 2022.

Statistic 104

Austin's office market saw sublease space double to 5 million sq ft in 2024.

Statistic 105

Portland's office vacancy hit 25.1% in Q1 2024.

Statistic 106

Orlando office leasing activity rose 20% YoY to 1.1 million sq ft in Q2 2024.

Statistic 107

U.S. office cap rates expanded to 7.2% for Class B properties in Q2 2024.

Statistic 108

In Q2 2024, U.S. retail vacancy rates held steady at 5.2%, the lowest since 2001.

Statistic 109

National average asking rent for retail space reached $24.50 per sq ft in H1 2024.

Statistic 110

Grocery-anchored shopping centers saw 4.1% vacancy rates in Q2 2024.

Statistic 111

U.S. retail sales volume increased 5% YoY to $11.5 billion in Q2 2024.

Statistic 112

Power centers in the U.S. reported 6.8% vacancy in June 2024.

Statistic 113

Street retail rents in NYC's SoHo averaged $650 per sq ft annually in Q1 2024.

Statistic 114

U.S. retail net absorption totaled 1.2 million sq ft in Q2 2024.

Statistic 115

Mall vacancy rates fell to 7.1% nationally in H1 2024.

Statistic 116

Southeast U.S. retail markets averaged $22.10 per sq ft in asking rents Q2 2024.

Statistic 117

Dollar stores expanded by 1,200 new locations in 2023.

Statistic 118

U.S. retail construction starts declined 22% YoY in 2023 to 15 million sq ft.

Statistic 119

Las Vegas Strip retail occupancy reached 95% in Q2 2024.

Statistic 120

National retail cap rates compressed to 6.5% for prime assets in Q2 2024.

Statistic 121

E-commerce penetration stabilized at 15.2% of total retail sales in 2023.

Statistic 122

Inland Empire retail vacancy dropped to 4.5% in Q1 2024.

Statistic 123

U.S. neighborhood shopping centers absorbed 800k sq ft in H1 2024.

Statistic 124

Miami's retail market saw rents rise 8% YoY to $45 per sq ft in Q2 2024.

Statistic 125

Retail investment in secondary markets surged 30% YoY in Q2 2024.

Statistic 126

U.S. outlet center occupancy hit 93.2% in June 2024.

Statistic 127

Chicago's retail leasing volume reached 2.1 million sq ft in Q1 2024.

Statistic 128

National retail availability rate was 5.4% in Q2 2024.

Statistic 129

Lifestyle centers reported 6.2% vacancy in H1 2024.

Statistic 130

Denver retail rents averaged $28.50 per sq ft in Q2 2024.

Statistic 131

U.S. single-tenant NNN retail cap rates at 5.9% in Q2 2024.

Statistic 132

Atlanta retail absorption was positive 450k sq ft in Q1 2024.

Statistic 133

Phoenix retail vacancy fell to 5.8% amid tourism rebound.

Statistic 134

U.S. retail sales volume hit $48 billion in 2023.

Statistic 135

Seattle's retail market saw 7% rent growth in University District Q2 2024.

Statistic 136

National big-box retail occupancy at 97.1% in Q2 2024.

1/136

Sources

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While office markets grapple with record-high vacancies, the broader U.S. commercial real estate landscape reveals a story of profound divergence, where sectors like retail and industrial display resilience even as investment strategies fundamentally recalibrate.

Key Takeaways

In Q2 2024, U.S. office vacancy rates averaged 19.8%, marking the highest level since the early 1990s, driven by structural shifts to remote work.
New York City's Manhattan office market saw asking rents decline by 2.1% year-over-year to $72.50 per sq ft in Q1 2024.
Sublease space in the U.S. office market reached 208 million sq ft in Q2 2024, representing 4.2% of total inventory.
In Q2 2024, U.S. retail vacancy rates held steady at 5.2%, the lowest since 2001.
National average asking rent for retail space reached $24.50 per sq ft in H1 2024.
Grocery-anchored shopping centers saw 4.1% vacancy rates in Q2 2024.
In Q2 2024, U.S. industrial vacancy rates rose to 5.6%, up 60 bps QoQ.
National average industrial asking rent hit $8.50 per sq ft in June 2024.
Inland Empire industrial net absorption slowed to 12 million sq ft in Q2 2024.
National multifamily vacancy rate stabilized at 6.5% in Q2 2024.
U.S. multifamily asking rents grew 1.2% YoY to $1,650 in June 2024.
Sun Belt multifamily markets averaged 93% occupancy in Q2 2024.
U.S. total CRE investment volume $95 billion in Q2 2024, up 15% QoQ.
CRE debt origination hit $120 billion in H1 2024.
U.S. CRE cap rate average 6.8% across sectors in Q2 2024.

The U.S. commercial real estate market is struggling with high office vacancies while retail and industrial sectors remain more resilient.

Industrial Market

1In Q2 2024, U.S. industrial vacancy rates rose to 5.6%, up 60 bps QoQ.

Verified

2National average industrial asking rent hit $8.50 per sq ft in June 2024.

Verified

3Inland Empire industrial net absorption slowed to 12 million sq ft in Q2 2024.

Verified

4U.S. industrial construction deliveries totaled 200 million sq ft in 2023.

Directional

5Dallas-Fort Worth industrial vacancy at 8.2% in Q2 2024.

Single source

6Phoenix industrial rents rose 2.1% YoY to $10.20 per sq ft in H1 2024.

Verified

7U.S. industrial leasing volume was 300 million sq ft in Q2 2024.

Verified

8Southeast industrial markets under construction: 150 million sq ft pipeline.

Verified

9Chicago industrial vacancy fell to 4.8% in Q1 2024.

Directional

10U.S. industrial investment sales reached $25 billion in Q2 2024.

Single source

11Southern California's industrial spec development hit record 50 million sq ft in 2023.

Verified

12Atlanta industrial absorption: 15 million sq ft in H1 2024.

Verified

13National industrial cap rates at 5.2% for built-to-suit in Q2 2024.

Verified

14Lehigh Valley industrial vacancy at 3.5%, lowest nationally in Q2 2024.

Directional

15U.S. e-commerce drove 40% of industrial demand in 2023.

Single source

16Houston industrial rents averaged $9.80 per sq ft in Q2 2024.

Verified

17Central Pennsylvania industrial construction: 30 million sq ft underway.

Verified

18U.S. industrial availability rate climbed to 6.1% in July 2024.

Verified

19Miami-Dade industrial occupancy at 96.5% in Q1 2024.

Directional

20Nashville industrial market absorbed 4.5 million sq ft in Q2 2024.

Single source

21U.S. flex space vacancy at 7.3% nationally in H1 2024.

Verified

22Columbus, OH industrial rents up 5% to $7.50 per sq ft Q2 2024.

Verified

23West Coast industrial sales volume down 20% YoY in Q2 2024.

Verified

24Savannah, GA industrial vacancy at 2.8% due to port activity.

Directional

25U.S. bulk industrial deals averaged 250k sq ft in 2023.

Single source

26Kansas City industrial pipeline: 20 million sq ft under construction.

Verified

Industrial Market Interpretation

Despite soaring construction and rising vacancies in some regions, the industrial market isn't in freefall, but rather a high-stakes rebalancing act where port-proximate markets like Savannah and the Lehigh Valley are tightening their belts while other areas like DFW loosen theirs, all as rents stubbornly climb and e-commerce continues to drive the bus.

Investment and Sales

1U.S. total CRE investment volume $95 billion in Q2 2024, up 15% QoQ.

Verified

2CRE debt origination hit $120 billion in H1 2024.

Verified

3U.S. CRE cap rate average 6.8% across sectors in Q2 2024.

Verified

4Foreign investment in U.S. CRE fell to 8% of total volume in 2023.

Directional

5Private equity dry powder for CRE at $350 billion as of Q1 2024.

Single source

6CMBS issuance reached $45 billion in H1 2024.

Verified

7U.S. CRE loan maturities $500 billion in 2024.

Verified

8Gateway city CRE returns averaged 5.2% in Q2 2024.

Verified

9Life company CRE lending up 10% to $65 billion in 2023.

Directional

10U.S. CRE distressed sales rose 25% YoY in Q2 2024.

Single source

11REIT market cap totaled $1.3 trillion in June 2024.

Verified

12Bridge lending for CRE grew to $100 billion outstanding Q1 2024.

Verified

13U.S. CRE pricing index down 5% from peak in 2022.

Verified

14Insurance company CRE allocations at 12% of portfolios in 2024.

Directional

15Mezzanine debt spreads widened to 450 bps over Treasuries Q2 2024.

Single source

16U.S. CRE transaction velocity 45% below pre-pandemic levels in 2024.

Verified

17Pension fund CRE commitments $50 billion in H1 2024.

Verified

18Delinquency rates for office CMBS hit 10.2% in Q2 2024.

Verified

19Core CRE fund IRRs averaged 8.5% for vintage 2023.

Directional

20U.S. CRE equity raised $80 billion via funds in 2023.

Single source

21Bank CRE exposure $2.8 trillion, 25% of total loans Q1 2024.

Verified

22Value-add CRE deals yielded 12% returns in select markets 2023.

Verified

23Global CRE investment into U.S. $30 billion in Q2 2024.

Verified

24CRE preferred equity volume $15 billion in H1 2024.

Directional

25U.S. CRE bid-ask spreads narrowed to 100 bps in Q2 2024.

Single source

Investment and Sales Interpretation

The market is a complex tango of cautious optimism and gritty reality, where rising investment and dry powder dance nervously beside stubbornly high maturities, distressed sales, and the ominous shadow of office delinquencies, all while transaction velocity limps along like it’s got a stone in its shoe.

Multifamily Market

1National multifamily vacancy rate stabilized at 6.5% in Q2 2024.

Verified

2U.S. multifamily asking rents grew 1.2% YoY to $1,650 in June 2024.

Verified

3Sun Belt multifamily markets averaged 93% occupancy in Q2 2024.

Verified

4National multifamily absorption was 250k units in Q2 2024.

Directional

5U.S. multifamily construction starts fell 30% YoY in H1 2024.

Single source

6Atlanta multifamily rents rose 2.5% to $1,750 per unit in Q2 2024.

Verified

7NYC multifamily vacancy at 2.8%, tightest major market in Q1 2024.

Verified

8U.S. multifamily sales volume $45 billion in Q2 2024.

Verified

9Austin multifamily supply growth slowed to 1.5% in 2024.

Directional

10Midwest multifamily cap rates at 5.4% in H1 2024.

Single source

11Phoenix multifamily occupancy dipped to 91% amid deliveries.

Verified

12U.S. Class A multifamily rents averaged $2,200 in gateway cities Q2 2024.

Verified

13Denver multifamily absorption negative 5k units in Q1 2024.

Verified

14National multifamily under construction: 450k units in Q2 2024.

Directional

15Miami multifamily vacancy at 5.2% with luxury demand strong.

Single source

16U.S. suburban multifamily outperformed urban by 1% rent growth.

Verified

17Charlotte multifamily rents flat at $1,600 in H1 2024.

Verified

18Multifamily investment returns averaged 7.8% IRR in 2023.

Verified

19Seattle multifamily supply glut led to 8.1% vacancy Q2 2024.

Directional

20U.S. affordable housing multifamily vacancy at 4.5%.

Single source

21Nashville multifamily deliveries: 10k units in 2023.

Verified

22Houston multifamily rents up 3% to $1,450 Q2 2024.

Verified

23National Baa multifamily CMBS delinquency at 1.2% in Q2 2024.

Verified

24Orlando multifamily occupancy 94.5% amid tourism.

Directional

25U.S. multifamily cap rates expanded 20 bps to 5.6% Q2 2024.

Single source

26Las Vegas multifamily absorption 3k units Q1 2024.

Verified

Multifamily Market Interpretation

The multifamily market is putting on a masterclass in controlled chaos: rents are climbing nationally despite a supply surge, yet with construction starts plummeting and sales volume humming along at $45 billion, everyone is nervously betting that the current delicate balance between demand, delivery, and affordability won't tip over.

Office Market

1In Q2 2024, U.S. office vacancy rates averaged 19.8%, marking the highest level since the early 1990s, driven by structural shifts to remote work.

Verified

2New York City's Manhattan office market saw asking rents decline by 2.1% year-over-year to $72.50 per sq ft in Q1 2024.

Verified

3Sublease space in the U.S. office market reached 208 million sq ft in Q2 2024, representing 4.2% of total inventory.

Verified

4San Francisco's office vacancy rate hit 34.3% in Q2 2024, the highest among major U.S. markets.

Directional

5U.S. office construction completions totaled 28.5 million sq ft in 2023, down 15% from 2022.

Single source

6Downtown Los Angeles office occupancy fell to 84.2% in Q1 2024, with net absorption negative at -1.2 million sq ft.

Verified

7Asking rents for Class A office space in Chicago's Central Loop averaged $42.00 per sq ft in Q2 2024.

Verified

8U.S. office leasing volume dropped 12% year-over-year to 54 million sq ft in Q2 2024.

Verified

9Houston's office market experienced 2.8 million sq ft of negative absorption in 2023.

Directional

10Trophy office properties in U.S. gateway markets traded at cap rates of 5.8% in H1 2024.

Single source

11Seattle's office vacancy rate climbed to 22.4% in Q2 2024 amid tech sector slowdown.

Verified

12U.S. office sector investment volume fell 45% YoY to $18.2 billion in Q2 2024.

Verified

13Boston's Cambridge office submarkets saw rents stabilize at $85 per sq ft in Q1 2024.

Verified

14National U.S. office availability rate reached 20.1% in June 2024.

Directional

15Philadelphia's Center City office market posted -450k sq ft absorption in Q2 2024.

Single source

16U.S. office net absorption totaled -15.3 million sq ft in Q1 2024.

Verified

17Miami's Brickell office corridor asking rents rose 1.5% to $58.00 per sq ft in Q2 2024.

Verified

18Atlanta's office vacancy rate increased to 21.7% in H1 2024.

Verified

19Denver's CBD office occupancy dipped to 82% in Q2 2024.

Directional

20U.S. office construction pipeline stands at 100 million sq ft under construction as of Q2 2024.

Single source

21Washington's NoMa submarket saw 1.2 million sq ft leased in Q1 2024.

Verified

22Phoenix office market absorption improved to +300k sq ft in Q2 2024.

Verified

23U.S. Sun Belt office markets averaged 18.5% vacancy in Q2 2024.

Verified

24Dallas' Uptown office rents held at $38.50 per sq ft in H1 2024.

Directional

25Nashville's office vacancy stabilized at 12.8% in Q2 2024.

Single source

26U.S. office sales volume was $42 billion in 2023, down 54% from 2022.

Verified

27Austin's office market saw sublease space double to 5 million sq ft in 2024.

Verified

28Portland's office vacancy hit 25.1% in Q1 2024.

Verified

29Orlando office leasing activity rose 20% YoY to 1.1 million sq ft in Q2 2024.

Directional

30U.S. office cap rates expanded to 7.2% for Class B properties in Q2 2024.

Single source

Office Market Interpretation

The once mighty office market is now navigating a painful recalibration, with a historic flood of empty space and plummeting investor appetite exposing a glaring truth: we built a kingdom for a workforce that decided to work from the castle of their own home.

Retail Market

1In Q2 2024, U.S. retail vacancy rates held steady at 5.2%, the lowest since 2001.

Verified

2National average asking rent for retail space reached $24.50 per sq ft in H1 2024.

Verified

3Grocery-anchored shopping centers saw 4.1% vacancy rates in Q2 2024.

Verified

4U.S. retail sales volume increased 5% YoY to $11.5 billion in Q2 2024.

Directional

5Power centers in the U.S. reported 6.8% vacancy in June 2024.

Single source

6Street retail rents in NYC's SoHo averaged $650 per sq ft annually in Q1 2024.

Verified

7U.S. retail net absorption totaled 1.2 million sq ft in Q2 2024.

Verified

8Mall vacancy rates fell to 7.1% nationally in H1 2024.

Verified

9Southeast U.S. retail markets averaged $22.10 per sq ft in asking rents Q2 2024.

Directional

10Dollar stores expanded by 1,200 new locations in 2023.

Single source

11U.S. retail construction starts declined 22% YoY in 2023 to 15 million sq ft.

Verified

12Las Vegas Strip retail occupancy reached 95% in Q2 2024.

Verified

13National retail cap rates compressed to 6.5% for prime assets in Q2 2024.

Verified

14E-commerce penetration stabilized at 15.2% of total retail sales in 2023.

Directional

15Inland Empire retail vacancy dropped to 4.5% in Q1 2024.

Single source

16U.S. neighborhood shopping centers absorbed 800k sq ft in H1 2024.

Verified

17Miami's retail market saw rents rise 8% YoY to $45 per sq ft in Q2 2024.

Verified

18Retail investment in secondary markets surged 30% YoY in Q2 2024.

Verified

19U.S. outlet center occupancy hit 93.2% in June 2024.

Directional

20Chicago's retail leasing volume reached 2.1 million sq ft in Q1 2024.

Single source

21National retail availability rate was 5.4% in Q2 2024.

Verified

22Lifestyle centers reported 6.2% vacancy in H1 2024.

Verified

23Denver retail rents averaged $28.50 per sq ft in Q2 2024.

Verified

24U.S. single-tenant NNN retail cap rates at 5.9% in Q2 2024.

Directional

25Atlanta retail absorption was positive 450k sq ft in Q1 2024.

Single source

26Phoenix retail vacancy fell to 5.8% amid tourism rebound.

Verified

27U.S. retail sales volume hit $48 billion in 2023.

Verified

28Seattle's retail market saw 7% rent growth in University District Q2 2024.

Verified

29National big-box retail occupancy at 97.1% in Q2 2024.

Directional

Retail Market Interpretation

Americans are fiercely returning to physical stores to spend their money, but because developers haven't been building many new ones, landlords are now holding all the cards—and charging rents that show it.