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The amount of office real estate removed in the U.S. grew for the third consecutive year in 2022, as waning demand due to the rise in hybrid work has caused a surge in office vacancies. In 2022, 21 million square feet of office real estate was removed - the highest figure in the seven-year-period under since 2016. Though demand for vintage offices has declined, it remained strong for modern, newly-built buildings. Nevertheless, the development of new office properties has slowed down since 2019, with the total square footage of groundbreakings declining to 25.5 million square feet in 2022.
Office real estate inventory removals and groundbreakings in the United States from 2016 to 1st half 2023 (in million square feet)
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Statistics
JLL. (July 25, 2023). Office real estate inventory removals and groundbreakings in the United States from 2016 to 1st half 2023 (in million square feet) [Graph]. In Statista. Retrieved May 21, 2024, from https://www.statista.com/statistics/1356566/office-real-estate-removed-usa/
JLL. "Office real estate inventory removals and groundbreakings in the United States from 2016 to 1st half 2023 (in million square feet)." Chart. July 25, 2023. Statista. Accessed May 21, 2024. https://www.statista.com/statistics/1356566/office-real-estate-removed-usa/
JLL. (2023). Office real estate inventory removals and groundbreakings in the United States from 2016 to 1st half 2023 (in million square feet). Statista. Statista Inc.. Accessed: May 21, 2024. https://www.statista.com/statistics/1356566/office-real-estate-removed-usa/
JLL. "Office Real Estate Inventory Removals and Groundbreakings in The United States from 2016 to 1st Half 2023 (in Million Square Feet)." Statista, Statista Inc., 25 Jul 2023, https://www.statista.com/statistics/1356566/office-real-estate-removed-usa/
JLL, Office real estate inventory removals and groundbreakings in the United States from 2016 to 1st half 2023 (in million square feet) Statista, https://www.statista.com/statistics/1356566/office-real-estate-removed-usa/ (last visited May 21, 2024)
Office real estate inventory removals and groundbreakings in the United States from 2016 to 1st half 2023 (in million square feet) [Graph], JLL, July 25, 2023. [Online]. Available: https://www.statista.com/statistics/1356566/office-real-estate-removed-usa/