Office Spaces Face Highest Vacancies Since the 1990s

19.6% of the office space in major U.S. cities was vacant in Q4 2023 according to Moody’s Analytics, an 18.8% increase year-over-year from 2022. These vacancy rates can be attributed to both years of overbuilding and remote work levels. According to the WSJ, these are the highest vacancy rates since the 1990s, which had also correlated with years of overbuilding.

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