2024 Mid-Year Office Market Vacancy/Net Absorption

Overall market vacancy declined in the first half of 2024 from 20.4% to 19.1%. This was largely due to the Children’s Services lease at Summit Center in the Central Business District. There were modest improvements in vacancy in all suburban submarkets as well. Likewise, the 147,885 square feet of space was absorbed downtown while the balance of the total positive net absorption of 175,035 was sprinkled around the suburban submarkets. Most of the absorption in the suburbs was among Class B buildings while Class A buildings were net losers of space in the first half of 2024.