Office real estate is a subsector and part of the category of commercial non-residential property types. It involves the buying, selling, renting or construction of office spaces such as: small office buildings, downtown skyscrapers, and so on. Hong Kong was the most expensive prime office market in the world as of 2019. Amongst selected metro areas in the United States, Houston, Texas recorded the highest rate for absorption of office space as of the end of 2019.
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 sales in the U.S. tend to be in New York, San Francisco, Seattle, and Boston, as do the largest office leases.
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In the following 6 chapters, you will quickly find the 30 most important statistics relating to "Office real estate in the U.S.".