Office real estate inventory removed U.S. 2016-2022
Approximately 10 million square feet of office space stock was removed in the United States in 2021, which was substantially higher than the four-year average between 2016 and 2019. The annualized data for 2022 shows that a record-high amount of office space is projected to be removed by the end of the year. Since the beginning of the coronavirus pandemic, office occupiers have prioritized newly built offices, leading to a continuously decreasing demand for vintage offices. Conversion, redevelopment, and demolition are the main solutions for obsolete office buildings.
