Commercial Market Insights: October 2021

Market Report provided by NAR

In the office market, occupancy increased by another 1.8 million square feet on a quarterly basis as of October 23, following a quarterly increase of 8 million square feet in September. However, the recovery process has a long way to go, with 128.4 million square feet of office space released back to the market since 2020 Q2. Secondary/tertiary markets are leading the recovery as office rents continue to decline in the primary markets of New York, Chicago, Washington, DC, and San Francisco. With 139.7 million square feet of office space under construction,