US office space vacancy reaches new peak

According to new data from Moody’s Analytics, vacant office space in the United States peaked in 2023 since the firm started recording leasing data in 1979.

The empty workspaces reportedly stem from companies moving from in-person work environments toward hybrid or fully remote employment throughout the COVID-19 pandemic.

The U.S. office vacancy level sat at 19.6% during 2023’s fourth quarter, said Moody’s.

In comparison, the average pre-pandemic office vacancy rate was recorded at 16.8%.