Office Sector Down, Not Out as Firms Seek Changes, Short Leases: Cushman & Wakefield

Originally published on August 30, 2022, by Michael Tucker for the Mortgage Banker's Association.

Office absorption remains negative even though office-using employment increased by 1.9% in the first half of the year, adding 635,000 jobs, reported Cushman & Wakefield, Chicago.

The latest C&W Office MarketBeat report found -7.8 million square feet of net absorption across the U.S. in the second quarter, making eight quarters out of the past nine that have been negative nationwide. Net absorption was negative for nine out of 10 and eight out of nine quarters, respectively, after the Dot-Com Recession and the Great Recession, the report said.

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