Growth in the need for, as well as the availability of, office spaces in the U.S. continue to rise. Vacancy rates for office real estate are set to remain steady in the U.S., which means that means that roughly the same share of units will be occupied. This will increase the demand and may result in the construction of more units to meet demand. Houston, Texas recorded the highest vacancy rate for a large office metropolitan area in the country.
It's no surprise that demand for office real estate is especially high in California, the home to many large tech companies such as Facebook and Google, nor is the fact that some of the most expensive sales and leases occur in that area. The largest office sale in the U.S. in the third quarter of 2018 was made at 666 5th Avenue in New York at a cost of approximately 1.3 billion U.S. dollars. The largest office lease during that period was in Jacksonville, Florida.