Office vacancy worldwide forecast 2019-2024

The coronavirus (COVID-19) pandemic has led to major cyclical and structural changes in the office real estate sector. As a result of the economic downturn and rising unemployment, along with an increasing share of businesses that introduce the option to work from home, office real estate demand in certain regions worldwide is forecast see a short term decline. In 2022, office real estate vacancy rates are forecast to peak at 17.4 percent in the United States, 10.5 percent in Europe, and 25.9 percent in Greater China. In the Asia Pacific region and in Canada, vacancies are expected to reach their highest point in 2022.

Vacancy rate of office space worldwide in 2019 with a forecast from 2020 to 2024, by region

Characteristic	Asia Pacific	Greater China	Europe	United States	Canada
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Release date

September 2020

More information

Region

United States

Survey time period

2019

Supplementary notes

The forecast shows a baseline scenario with the following assumptions: "A vaccine is available by mid-2021 after medical/government approval by the end of 2020.
• No major second wave that requires widespread lockdowns.
• Businesses reopen gradually as the virus still ebbs and flows until a vaccine is available.
• Bankruptcies pick up as businesses adjust to lower demand and policy support expires in certain countries.
• Financial market sentiment improves in 2020 H2.
• Improving global demand supports a recovery in trade flows and commodity prices.
• Real GDP returns to pre-COVID-19 levels by 2021 Q3."

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