US Office Outlook – Q2 2022
US Office Market Statistics, Trends & Outlook
July 12, 2022
- Phil Ryan
The office market continued to face an ever-evolving series of headwinds during the second quarter, shifting from questions over return to office earlier in the year to the effects of the highest rate of inflation in decades.
- Transaction volume was relatively flat over the quarter at 47.2 million square feet as tenants both large and small put expansion plans on hold amid macroeconomic uncertainty.
- Flight to quality accelerated in the second quarter: since the onset of the pandemic, new supply has registered net occupancy growth of 86.8 million square feet.
- 11.8 million square feet of new space was delivered in Q2, bringing year-to-date completions to 26.5 million square feet, on track to repeat 2021’s more than 50 million square feet of new space.