Vacancy rates across the office real estate sector in the U.S. increased in the first quarter of 2025. This was in line with a general trend of rising vacancies that started in 2020 during the COVID-19 pandemic. In the *** quarter of 2025, about **** percent of office space across the country was vacant. In some major U.S. markets, vacancies exceeded ** percent. With a considerable part of the workforce working from home or following a hybrid working model, businesses are cautious when it comes to upscaling or renewing leases. Workplaces may never be the same again The COVID-19 pandemic has changed the way that companies operate, with working from home has becoming the new normal for many U.S. employees. The function of the office has evolved from the primary workplace to a space where employees collaborate, exchange ideas, and socialize. That has shifted occupiers’ attention toward spaces with modern designs that can accommodate the office of the future. Many businesses used the pandemic time to revisit their office guidelines, remodel or do a full or partial fit-out. With so much focus on quality, older buildings with poorer design or energy performance are likely to suffer lower demand, resulting in a two-speed market. What do higher vacancy rates mean for investors? Simply put, if landlords do not have tenants, their income stream is disrupted, and they cannot service their debts. April 2023 data shows that several U.S. metros had a significantly high share of distressed office real estate debt. In Charlotte-Gastonia-Concord, NC-SC, more than one-third of the commercial mortgage-backed securities for offices were delinquent, in special servicing, or a combination of both. As of March 2025. offices had the highest delinquency rate in the commercial property sector.

Among the major office markets in the United States, Miami had the lowest vacancy rate in the fourth quarter of 2024. Approximately **** percent of office space was vacant in that quarter, compared to **** percent in San Francisco. Since the onset of the COVID-19 pandemic, the office real estate sector has had high office vacancies, affecting both downtown and suburban properties.

Vacancy rate of Office Buildings

In the first quarter of 2025, the prime office vacancy rate in Phnom Penh was around **** percent. In comparison, the vacancy rate of prime office real estate in Seoul was about *** percent during the same period.

Japan CBRE: Office Vacancy Rate: Tokyo data was reported at 1.400 % in Mar 2018. This records a decrease from the previous number of 1.500 % for Dec 2017. Japan CBRE: Office Vacancy Rate: Tokyo data is updated quarterly, averaging 3.600 % from Mar 2013 (Median) to Mar 2018, with 21 observations. The data reached an all-time high of 6.800 % in Mar 2013 and a record low of 1.400 % in Mar 2018. Japan CBRE: Office Vacancy Rate: Tokyo data remains active status in CEIC and is reported by Ikoma CB Richard Ellis. The data is categorized under Global Database’s Japan – Table JP.EB003: Office Vacancy Rate and Assumed Achievable Rent: By Region: CBRE.

The Arlington Profile combines countywide data sources and provides a comprehensive outlook of the most current data on population, housing, employment, development, transportation, and community services. These datasets are used to obtain an understanding of community, plan future services/needs, guide policy decisions, and secure grant funding. A PDF Version of the Arlington Profile can be accessed on the Arlington County website.

A dashboard used by government agencies to monitor key performance indicators (KPIs) and communicate progress made on strategic outcomes with the general public and other interested stakeholders.

Japan CBRE: Office Vacancy Rate: Nagoya: Grade B data was reported at 1.800 % in Mar 2018. This records a decrease from the previous number of 2.500 % for Dec 2017. Japan CBRE: Office Vacancy Rate: Nagoya: Grade B data is updated quarterly, averaging 3.950 % from Jun 2013 (Median) to Mar 2018, with 20 observations. The data reached an all-time high of 9.500 % in Dec 2013 and a record low of 1.800 % in Mar 2018. Japan CBRE: Office Vacancy Rate: Nagoya: Grade B data remains active status in CEIC and is reported by Ikoma CB Richard Ellis. The data is categorized under Global Database’s Japan – Table JP.EB003: Office Vacancy Rate and Assumed Achievable Rent: By Region: CBRE.

Japan CBRE: Office Vacancy Rate: Tokyo: Grade B data was reported at 1.000 % in Sep 2018. This records an increase from the previous number of 0.900 % for Jun 2018. Japan CBRE: Office Vacancy Rate: Tokyo: Grade B data is updated quarterly, averaging 3.200 % from Jun 2013 (Median) to Sep 2018, with 22 observations. The data reached an all-time high of 5.400 % in Sep 2013 and a record low of 0.900 % in Jun 2018. Japan CBRE: Office Vacancy Rate: Tokyo: Grade B data remains active status in CEIC and is reported by Ikoma CB Richard Ellis. The data is categorized under Global Database’s Japan – Table JP.EB004: Office Vacancy Rate and Assumed Achievable Rent: By Region.

Taiwan Office Vacancy Rate: New Taipei City data was reported at 8.240 % in Mar 2018. This records a decrease from the previous number of 8.500 % for Dec 2017. Taiwan Office Vacancy Rate: New Taipei City data is updated quarterly, averaging 11.110 % from Dec 2003 (Median) to Mar 2018, with 58 observations. The data reached an all-time high of 19.880 % in Mar 2014 and a record low of 4.650 % in Jun 2007. Taiwan Office Vacancy Rate: New Taipei City data remains active status in CEIC and is reported by Taiwan Real Estate Research Center. The data is categorized under Global Database’s Taiwan – Table TW.EB027: Office Rent Index and Vacancy Rate: Taiwan Real Estate Research Center, Cathay Real Estate Development Company Ltd.

This statistic presents the office vacancy rate in New York from 2006 to 2013 and a forecast thereof until 2019. The office vacancy rate in New York amounted to 8.9 percent in 2013 and it was projected to decrease to 7.4 percent in 2019. For more recent data on office vacancy rates in New York click here.

Japan CBRE: Office Vacancy Rate: Yokohama data was reported at 4.900 % in Mar 2018. This records a decrease from the previous number of 5.500 % for Dec 2017. Japan CBRE: Office Vacancy Rate: Yokohama data is updated quarterly, averaging 5.600 % from Mar 2013 (Median) to Mar 2018, with 21 observations. The data reached an all-time high of 8.100 % in Sep 2014 and a record low of 2.900 % in Jun 2017. Japan CBRE: Office Vacancy Rate: Yokohama data remains active status in CEIC and is reported by Ikoma CB Richard Ellis. The data is categorized under Global Database’s Japan – Table JP.EB003: Office Vacancy Rate and Assumed Achievable Rent: By Region: CBRE.

In the third quarter of 2024, office vacancy rates in the UK were the lowest in Birmingham, at 6.3 percent. The vacancy rate is the percentage of available office rental units that are vacant or unoccupied during a given time. High vacancy rates in a city can mean that supply is outweighing demand, or that the quality of particular properties available not meeting the desired demands of the rental market. After the COVID-19 outbreak, demand for offices has declined, leading to increased vacancies across most markets.

Vienna, Luxembourg, and Hamburg were the markets with the lowest vacancy rates in Europe in the fourth quarter of 2024. Vacancy rates are a measurement of unoccupied properties during a given period and are a good indication of an area’s desirability and opportunity for development. High vacancy rates can indicate an economic downturn, a lack of demand, or possibly that standards do not meet speculative renters’ needs. Low vacancy rates are, in general, considered a good thing as it means there is a good level of demand from customers, although low vacancy rates may also show a need for more development which is not being met. Since the beginning of the coronavirus (COVID-19) pandemic, vacancy rates in the office sector have been on the rise because of declining occupiers' demand.
The major European office markets? London, Paris, and Stockholm were the most expensive markets for office real estate in Europe in 2023. In London, prime office space, which refers to a property of the highest quality, optimal location, and standard dimensions that are in accordance with the local demand, was able to fetch a staggering price of 2,069 euros per square meter. When it comes to total stock, Berlin ranked among the largest markets in Europe. Where is office space most profitable? According to 2024 forecast the UK is expected to see the most return on investment by 2025 and 2026 than Europe. Industry experts forecast that investment will have better prospects than development, and that central city offices will perform better than suburban offices.

Japan CBRE: Office Vacancy Rate: Hiroshima data was reported at 2.900 % in Mar 2018. This records an increase from the previous number of 2.800 % for Dec 2017. Japan CBRE: Office Vacancy Rate: Hiroshima data is updated quarterly, averaging 3.900 % from Mar 2013 (Median) to Mar 2018, with 21 observations. The data reached an all-time high of 8.300 % in Mar 2013 and a record low of 2.800 % in Dec 2017. Japan CBRE: Office Vacancy Rate: Hiroshima data remains active status in CEIC and is reported by Ikoma CB Richard Ellis. The data is categorized under Global Database’s Japan – Table JP.EB003: Office Vacancy Rate and Assumed Achievable Rent: By Region: CBRE.

Taiwan Office Vacancy Rate: Taipei City Grade A: Minsheng & Jianguo Road data was reported at 20.180 % in Sep 2018. This records an increase from the previous number of 9.680 % for Jun 2018. Taiwan Office Vacancy Rate: Taipei City Grade A: Minsheng & Jianguo Road data is updated quarterly, averaging 10.770 % from Dec 2003 (Median) to Sep 2018, with 60 observations. The data reached an all-time high of 38.680 % in Dec 2003 and a record low of 4.710 % in Mar 2017. Taiwan Office Vacancy Rate: Taipei City Grade A: Minsheng & Jianguo Road data remains active status in CEIC and is reported by Taiwan Real Estate Research Center. The data is categorized under Global Database’s Taiwan – Table TW.EB027: Office Rent Index and Vacancy Rate: Taiwan Real Estate Research Center, Cathay Real Estate Development Company Ltd.

Taiwan Office Vacancy Rate: Taipei City Grade A: Ren'ai & Dunnan Road data was reported at 6.580 % in Mar 2018. This records a decrease from the previous number of 7.830 % for Dec 2017. Taiwan Office Vacancy Rate: Taipei City Grade A: Ren'ai & Dunnan Road data is updated quarterly, averaging 6.305 % from Jun 2005 (Median) to Mar 2018, with 52 observations. The data reached an all-time high of 9.100 % in Mar 2014 and a record low of 3.600 % in Mar 2012. Taiwan Office Vacancy Rate: Taipei City Grade A: Ren'ai & Dunnan Road data remains active status in CEIC and is reported by Taiwan Real Estate Research Center. The data is categorized under Global Database’s Taiwan – Table TW.EB027: Office Rent Index and Vacancy Rate: Taiwan Real Estate Research Center, Cathay Real Estate Development Company Ltd.

Japan CBRE: Office Vacancy Rate: Osaka data was reported at 1.900 % in Mar 2018. This records a decrease from the previous number of 2.500 % for Dec 2017. Japan CBRE: Office Vacancy Rate: Osaka data is updated quarterly, averaging 5.800 % from Mar 2013 (Median) to Mar 2018, with 21 observations. The data reached an all-time high of 10.200 % in Mar 2013 and a record low of 1.900 % in Mar 2018. Japan CBRE: Office Vacancy Rate: Osaka data remains active status in CEIC and is reported by Ikoma CB Richard Ellis. The data is categorized under Global Database’s Japan – Table JP.EB003: Office Vacancy Rate and Assumed Achievable Rent: By Region: CBRE.

Japan CBRE: Office Vacancy Rate: Tokyo: Osaki data was reported at 2.500 % in Mar 2018. This records an increase from the previous number of 0.400 % for Dec 2017. Japan CBRE: Office Vacancy Rate: Tokyo: Osaki data is updated quarterly, averaging 3.300 % from Mar 2013 (Median) to Mar 2018, with 21 observations. The data reached an all-time high of 7.500 % in Mar 2013 and a record low of 0.300 % in Sep 2017. Japan CBRE: Office Vacancy Rate: Tokyo: Osaki data remains active status in CEIC and is reported by Ikoma CB Richard Ellis. The data is categorized under Global Database’s Japan – Table JP.EB003: Office Vacancy Rate and Assumed Achievable Rent: By Region: CBRE.

Japan CBRE: Office Vacancy Rate: Osaka: Dojima data was reported at 0.800 % in Mar 2018. This records a decrease from the previous number of 1.100 % for Dec 2017. Japan CBRE: Office Vacancy Rate: Osaka: Dojima data is updated quarterly, averaging 4.300 % from Mar 2013 (Median) to Mar 2018, with 21 observations. The data reached an all-time high of 7.000 % in Dec 2013 and a record low of 0.800 % in Mar 2018. Japan CBRE: Office Vacancy Rate: Osaka: Dojima data remains active status in CEIC and is reported by Ikoma CB Richard Ellis. The data is categorized under Global Database’s Japan – Table JP.EB003: Office Vacancy Rate and Assumed Achievable Rent: By Region: CBRE.