Average U.S. office rents are higher than they were in the fourth quarter of 2019, even as the country’s office market battles surging vacancy rates, a glut of sublease space and a wave of defaults.
The mean office rent in the country sits at $35.25 per SF, a slight increase from the $34.92 average rent in Q4 2019, The Wall Street Journal reports. The reason? Office owners are reluctant to cut rents, even keeping spaces intentionally vacant so as not to reduce the appraised value of the property.
Source: Average Office Rents Continue Ticking Up Despite Rising Vacancy, Piles Of Sublease Space