2023 Year-End Office Market Vacancy/Net Absorption

Overall, the vacancy rate is up to 20.2% at year-end 2023 from 19.1% at mid-year. Reductions in vacancies in suburban submarkets were more than offset by a big jump in vacancies in the Central Business District. Overall, the market recorded 106,806 square feet of negative net absorption in the second half of 2023, 104,758 square feet of which occurred downtown.