1、U.S.Research Report|Q4 2022|Office Market Outlook|1U.S.Research Report|Q4 2022 Office Market OutlookU.S.Office Fundamentals Soften as 2022 Closes Stephen Newbold,National Director of Office Research|U.S.The U.S.office vacancy rate stands at 15.7%,an increase of 30 basis points in the fourth quarter.

2、Vacancy is still below the prior peak of 16.3%,seen at the height of the Global Financial Crisis,but will equal this level by mid-2023 if the current pace of vacancy increases is sustained.Net absorption,which measures the change in occupied office inventory,was positive in 43%of the metro office ma

3、rkets tracked in our national survey,down from 52%in the third quarter.National office absorption totaled negative 14.1 million square feet,more than offsetting the modest gains seen earlier in the year resulting in an annual net absorption total of negative 8.6 million square feet.Reflecting this s

4、hift in fortunes,12 metro markets posted negative absorption above 500,000 square feet.Occupancy losses in the fourth quarter were led by New York City(negative 4.3 million square feet),Greater Los Angeles(negative 1.8 million square feet)and Minneapolis(negative 1.5 million square feet).Conversely,

5、positive absorption was led by Baltimore,Orlando and Salt Lake City.There is a record 242.8 million square feet of sublease space available across the U.S.office market,up from 232.8 million square feet in Q3 2022,and significantly higher than the prior cycles peak of 143.3 million square feet seen

6、in Q2 2009.As firms continue to evaluate their post-COVID real estate needs,sublease space will remain a cost competitive,short-term option until there is greater clarity on business direction.Construction activity continues to slow.Currently,100.6 million square feet are underway,which is down 39%f

7、rom this cycles peak of 164 million square feet in Q3 2020.The New York metro area has by far the largest amount of ongoing construction,at 15.3 million square feet,followed by the San Francisco Bay Area with 10.7 million square feet,which is mostly focused on Silicon Valley,and Seattle with 7.6 mil

8、lion square feet.Key Takeaways U.S.office vacancy increased at a faster rate in the second half of 2022.Net absorption turned negative in Q4 2022,offsetting the occupancy gains earlier in 2022.Asking rents are mostly holding firm,but generous concessions remain on offer.Sublease space continues to r

9、ise and is at record levels.Supply-side risks are limited as construction activity continues to decline.Office occupancy levels are slowly increasing,with most firms adopting a hybrid work model.Annual sales volume fell in 2022,as investors recast their office strategies.The U.S.economic outlook rem

10、ains subdued at best.Summary Statistics:Q4 2022U.S.Office MarketVacancy Rate15.7%Change from Q3 2022(basis points)30Absorption(MSF)(14.1)%of Markets With Positive Absorption43%New Supply(MSF)5.9Under Construction(MSF)100.6Asking Rents(Per Square Foot Per Year)Downtown Class A$52.59 Change From Q4 20

11、21-0.2%Suburban Class A$33.96 Change From Q4 2021-0.2%Source:ColliersU.S.Research Report|Q4 2022|Office Market Outlook|2Asking rates are,by and large,showing little change.However,the gap between asking and effective rents remains significant due to generous concessions on offer.For example,tenant i

12、mprovement allowances of$100 per square foot or more,plus 12 months of rent abatement,are available in several major markets when a tenant signs a new 10-year lease on Class A space.There is considerable debate and speculation regarding the future of the U.S.office sector.The return to the office re

13、mains slow.Most tenants are adopting hybrid working with a minimum of three days in the office per week,emerging as the common standard.Is a market correction ahead?Firms continue to recast their property strategies,focusing on how much space will be needed going forward and where it should be locat

14、ed.Evidence of tenant downsizing is increasing,with space reductions of at least 20%to 30%being implemented by large occupiers.Uncertainty in the economy continues to cloud the picture,further impacting the timing of such decisions.In addition,existing lease commitments will restrict the ability to

15、implement change.Pending a resurgence in demand,vacancy rates and sublease availability are set to continue to rise over the year ahead,placing increased pressure on rents.In addition,retrenchment in the tech sector,which has been a key driver of leasing volume,could compound this trend.Where are th

16、e opportunities?Performance and demand differentials are expected to widen.This should be most evident between space class,but will also be seen between and within markets,and different business sectors.Quality will win out as firms seek the optimal work experience to retain and attract the best tal

17、ent and bring employees back to the office.Environment,Social,and Governance(ESG)initiatives offer owners an additional opportunity to differentiate their assets from the pack.U.S.Economic OutlookCurrent economic headlines remain dominated by overly high,but declining,inflation and the Federal Reser

18、ves(Fed)policy response.Decembers Consumer Price Inflation(CPI)the principal measure used by the Bureau of Labor Statistics(BLS)reached a 6.5%annualized rate,down from the 40-year high of 9.1%in June 2022,but still significantly elevated.Looking forward,CPI is expected to continue to fall.Oxford Eco

19、nomics projects that CPI will be around 4.5%at the close of 2023.This is still elevated compared to the 10-year average of 1.8%during 2011 to 2020.To curb inflation,the Fed has continued to raise interest rates.,Decembers 50 basis point increase brought the Feds target range to 4.25%to 4.5%.Rates ar

20、e expected to remain at this level over the year ahead.On an encouraging note,the U.S.economy grew at a robust 2.9%annual pace in the fourth quarter of 2022.Still,the U.S.faces tough odds of repeating its performance in 2023 as rising interest rates sap growth and threaten to instigate a recession.O

21、xford Economics projects real GDP growth of just 0.1%in 2023,rising to 0.8%in 2024.Key ObservationsVacancy Increases The U.S.office vacancy rate stands at 15.7%,up 30 basis points from the third quarter.Despite this uptick,vacancy in this cycle remains below the record peak of 16.3%,seen at the heig

22、ht of the GFC.Central business district(CBD)vacancy rates rose by 20 basis points in Q4 2022 to 16.2%,while suburban levels increased by 40 basis points to 15.4%.South Florida has the lowest metro vacancy rate outside of the tertiary markets at 10.2%,followed by Jacksonville(10.6%)and Kansas City(11

23、.6%).Houston has the highest metro vacancy rate at 23.2%,followed by Chicago(21.3%)and Austin(20.2%).U.S.Office Market:Supply,Demand&VacancySource:Colliers10111213141516-50-40-30-20-10010203040Q42018Q12019Q22019Q32019Q42019Q12020Q22020Q32020Q42020Q12021Q22021Q32021Q42021Q12022Q22022Q32022Q42022Vacan

24、cy%Millions SFAbsorption(MSF)New Supply(MSF)Vacancy Rate(%)U.S.Research Report|Q4 2022|Office Market Outlook|3020406080100120140160180Q1 2006Q3 2006Q1 2007Q3 2007Q1 2008Q3 2008Q1 2009Q3 2009Q1 2010Q3 2010Q1 2011Q3 2011Q1 2012Q3 2012Q1 2013Q3 2013Q1 2014Q3 2014Q1 2015Q3 2015Q1 2016Q3 2016Q1 2017Q3 20

25、17Q1 2018Q3 2018Q1 2019Q3 2019Q1 2020Q3 2020Q1 2021Q3 2021Q1 2022Q3 2022Under ConstructionHistoric AverageMSFAsking Rents Show Little Change Average Class A full-service office asking rates fell by 0.3%in 2022 to$41.16 per square foot in the fourth quarter.Class A asking rates in CBD markets average

26、$52.59 per square foot,down by 0.2%over the year.Average Class A suburban asking rates stand at$33.96 per square foot following a 0.2%annual decline.The gap between asking and effective rates remains significant.Tenant improvement allowances of$100 per square foot or more,accompanied by up to 12 to

27、18 months of rent abatement,are available for Class A space in several leading metros.Despite these generous concessions,the continued rise in construction and material costs requires some tenants to contribute a portion of improvement expenses.In addition,fit-out periods are becoming longer due to

28、a shortage of skilled labor and supply chain issues.Absorption Turns Negative U.S.office absorption totaled negative 14.1 million square feet in Q4 2022,compared with 0.5 million square feet in Q3 2022.Less than half(43%)of markets tracked in our survey saw positive absorption in the fourth quarter,

29、down from 52%in Q3 2022.Salt Lake City saw the greatest amount of positive absorption at a metro level in Q4 2022 at 681,297 square feet,followed by Baltimore(512,714 square feet)and Orlando(463,309 square feet).On the downside,12 metro markets posted over 0.5 million square feet of negative absorpt

30、ion in Q4 2022,led by New York City(negative 4.3 million square feet),Los Angeles(negative 1.8 million square feet),and Minneapolis(negative 1.5 million square feet).The hardest hit markets over the year were San Francisco(negative 4.3 million square feet),Chicago(negative 2.9 million square feet),p

31、lus Los Angeles and Minneapolis(both at negative 2.4 million square feet).Metros with the greatest occupancy gains in 2022 were led by South Florida(2.2 million square feet),Orlando(two million square feet)and Salt Lake City(1.7 million square feet).Construction Activity Continues to Slow The amount

32、 of office space under construction in the U.S.stands at 100.6 million square feet,falling 39%from this cycles peak of 162.6 million square feet in Q3 2020.The amount of space completed in Q4 2022 was 5.9 million square feet.CBD markets account for 54.1 million square feet underway,with 46.5 million

33、 square feet taking place in the suburbs.In addition,the pace of construction in CBD markets is greater,equating to 2.6%of inventory compared with 1.1%in the suburbs.The national level is 1.6%.The New York City metro has by far the greatest amount of construction underway at 15.3 million square feet

34、,followed by the San Francisco Bay Area(10.8 million square feet)and Seattle(7.5 million square feet).Source:ColliersU.S.Office Market:Quarterly Under Construction TotalsU.S.Research Report|Q4 2022|Office Market Outlook|4Sublease Space at a Record High Total sublease space available at a national le

35、vel increased by 10 million square feet in the fourth quarter to 242.8 million square feet.San Francisco still has the highest sublease availability rate among the top 10 markets,by a fair margin,at 8.9%.Seattle is next,at 4.9%,followed by Los Angeles at 4.3%.The average across the 10 markets is 3.8

36、%.In an analysis of rental discounts for Class A sublease space over Class A direct space across the top 10 office markets,the average discount is 27.7%.Houston leads all markets with a 49.1%discount,followed by Chicago at 43.7%and Manhattan at 29.2%.U.S.Office Market:Available Sublease SpaceSource:

37、Colliers/CoStarSource:ColliersSource:ColliersTop 10 Office Markets:Sublease Availability Rates Q4 2022Top 10 Office Markets:Class A CBD Sublease Space Rental Discount Q4 2022020406080100120140160180200220240Q1 2008Q3 2008Q1 2009Q3 2009Q1 2010Q3 2010Q1 2011Q3 2011Q1 2012Q3 2012Q1 2013Q3 2013Q1 2014Q3

38、 2014Q1 2015Q3 2015Q1 2016Q3 2016Q1 2017Q3 2017Q1 2018Q3 2018Q1 2019Q3 2019Q1 2020Q3 2020Q1 2021Q3 2021Q1 2022Q3 2022MSF0%2%4%6%8%10%AverageWashington D.C.SeattleSan FranciscoManhattanLos AngelesHoustonDallasChicagoBostonAtlanta0%10%20%30%40%50%AverageWashington D.C.SeattleSan FranciscoManhattanLos

39、AngelesHoustonDallasChicagoBostonAtlantaU.S.Research Report|Q4 2022|Office Market Outlook|5Return to the Office Remains Gradual Office return dates continue to be a moving target.Initial plans were stalled by the Delta and Omicron variants in turn.Most firms are adopting hybrid working,but the detai

40、ls are still being determined.Current office occupancy stands at 50.4%,as tracked by Kastle Systems across 10 U.S.office metros.This compares with 47.9%at the end of Q3 2022.Office utilization is highest in suburban,principally car-borne cities,as opposed to denser CBDs where there is a greater reli

41、ance on public transportation.Occupancy ranges from 54%to 68%in the leading Texas metros of Austin,Dallas and Houston.By contrast,levels are just above 45%in metro Chicago,New York and San Francisco,with even lower levels in their CBDs.Investment Activity Slows Total office sales volume in Q4 2022 w

42、as$19.6 billion,down from$26.9 billion in Q3 2022.Total office investment in 2022 was$110.5 billion,down by 25%from 2021.Suburban properties continue to attract the most capital,with buyers placing$14.5 billion in such assets in Q4 2022 compared with$5 billion in CBD locations.Average pricing in Q4

43、2022 was$250 per square foot,with levels at$323 per square foot in CBD markets and$233 per square foot in the suburbs.Average cap rates stand at 6.4%,up by 40 basis points from Q3 2022.Further increases are expected in the face of higher interest rates and,in some cases,asset repricing.The most acti

44、ve sales markets by volume in 2022 were Manhattan,with$10.4 billion,followed by Dallas($6.2 billion)and Boston($5.6 billion).Top U.S.Office Leases in Q4 2022TenantAddressMarketSFTenant Industry Lease TypeU.S.Patent&Trademark Office600 Dulany St.Alexandria,VA906,235GovernmentRenewalFox Corporation121

45、1 Avenue of the AmericasManhattan665,666MediaRenewalNews Corp.1211 Avenue of the AmericasManhattan486,209MediaRenewalMaryland Dept.of HealthMetro West,300-400 Greene St.Baltimore463,000GovernmentNewU.S.Patent&Trademark OfficeKnox Building,501 Dulany St.Alexandria,VA358,715GovernmentRenewalSource:CoS

46、tarTop U.S.Office Sales in Q4 2022AddressMarketSFPrice($m)Buyer115 West 1st St.Boston266,000$490.0Breakthrough Properties600 19th NWWashington D.C.463,151$399.4George Washington University2021 McKinney Ave.*Dallas557,000$394.7Highwoods Properties,Granite PropertiesMerill Lynch Building,101 Hudson St

47、.*Jersey City1,341,649$346.0Birch Group,Abe GreenhutFinancial Times Building,1330 6th Ave.*Manhattan535,600$320.0Empire Capital Holdings,Capital Group,Nassimi Realty Corp,Hakiman Capital&Creed Equities*Joint Venture Acquistion Source:Real Capital AnalyticsU.S.Research Report|Q4 2022|Office Market Ou

48、tlook|6Dec.31,2022Q4 2022Dec.31,2022Q3 2022Q4 2022Q4 2022MarketInventory(SF)New Supply(SF)Under Construction(SF)Vacancy RateVacancy RateAbsorption (SF)YTD Absorption(SF)USA2,116,436,427 1,667,701 54,033,300 15.8%16.2%(5,813,479)(7,610,932)Midwest388,740,947 276,154 5,339,822 17.3%17.8%(1,676,333)(3,

49、414,127)Chicago158,942,732 276,154 2,019,382 20.3%20.7%(663,505)(2,905,493)Cincinnati16,184,745-14.4%16.5%(345,909)(203,562)Cleveland/Akron Metro22,379,954-1,168,000 19.3%20.3%(176,360)143,108 Dayton5,426,079-30.2%30.9%(36,650)(156,576)Detroit27,123,037-432,600 8.0%8.0%7,831 341,590 Grand Rapids11,3

50、47,162-260,812 11.0%8.9%29,266 252,832 Indianapolis13,084,586-94,266 21.7%21.8%(16,026)(176,072)Kansas City34,622,859-9.7%10.3%(190,302)(3,098)Milwaukee20,844,321-530,000 18.0%18.4%(9,100)(140,942)Minneapolis-St.Paul57,894,080-359,427 16.8%18.5%(437,986)(784,269)Omaha7,719,503-159,335 6.4%6.9%(22,06

51、1)(11,575)St.Louis13,171,889-316,000 22.7%21.5%184,469 229,930 Northeast910,038,125 956,430 21,199,457 13.0%13.6%(3,019,036)(1,553,192)Baltimore44,783,363 469,180 650,163 11.0%11.1%459,587 376,387 Boston67,032,608-3,576,152 16.2%17.6%(927,107)(1,972,772)Hartford13,143,905-13.0%14.0%(124,900)(433,278

52、)New York City Metro540,963,891-14,743,065 11.3%12.1%(2,746,157)1,502,798 Manhattan523,844,275-14,743,065 11.0%11.8%(2,783,549)1,315,058 NYC Northern Suburbs17,119,616-20.9%21.7%37,392 187,740 Philadelphia48,747,669 398,000 744,720 14.5%15.1%63,652(718,841)Pittsburgh48,905,759-572,000 14.3%13.6%355,

53、680 91,564 Washington,DC146,460,930 89,250 913,357 17.8%17.8%(99,791)(399,050)South401,681,541 435,117 15,717,513 16.5%16.5%37,364 3,671,112 Atlanta58,503,475 33,000 2,638,285 18.1%18.1%10,920 972,749 Austin15,952,830-2,787,370 20.0%20.8%(127,087)614,811 Birmingham19,441,601-9.9%10.1%(33,230)(452,69

54、4)Charleston2,930,183-14.7%14.7%24,321 94,918 Charlotte33,387,477 100,625 2,310,310 12.6%12.7%26,421 15,129 Columbia5,110,158-13.0%12.8%11,386 54,193 Dallas-Fort Worth41,314,434-25.1%27.1%(813,882)(132,007)Greenville Spartanburg4,153,528-17.3%17.2%4,985 103,371 Houston44,181,046-386,323 28.4%28.3%50

55、,456(14,542)Huntsville3,960,215 67,000-4.2%4.6%49,282 29,411 Jacksonville15,719,913 157,589-11.9%11.4%202,670 31,736 Memphis6,152,373-30,000 12.6%12.0%35,213 351,231 Downtown:All ClassesU.S.Research Report|Q4 2022|Office Market Outlook|7Dec.31,2022Q4 2022Dec.31,2022Q3 2022Q4 2022Q4 2022MarketInvento

56、ry(SF)New Supply(SF)Under Construction(SF)Vacancy RateVacancy RateAbsorption (SF)YTD Absorption(SF)Nashville17,091,481-2,240,000 14.7%15.0%27,960(28,318)Norfolk3,351,037-14.9%18.6%(2,035)1,885 Orlando12,402,483-11.6%12.0%61,688 259,282 Raleigh/Durham12,519,092-823,381 16.9%14.8%13,670 266,436 Richmo

57、nd10,352,634-14.4%14.4%51,241 966 Savannah757,707-10.1%8.4%22,993 21,347 South Florida81,915,782 76,903 4,501,844 11.3%10.7%118,332 972,855 Fort Lauderdale28,744,760 11,500 140,609 11.4%11.3%21,352 132,728 Miami30,170,186 65,403 3,344,332 12.6%11.9%76,986 647,084 Palm Beach23,000,836-1,016,903 9.7%8

58、.5%19,994 193,043 Tampa Bay12,484,092-11.1%8.7%302,060 508,353 West415,975,814-11,776,508 19.9%20.1%(1,155,474)(6,314,725)Albuquerque3,198,630-15.5%15.5%0 95,617 Bakersfield3,974,056-6,500 8.7%9.3%(23,205)173,845 Boise7,637,717-6.4%6.0%28,769 16,388 Denver42,454,519-1,392,301 22.1%21.7%(17,322)(663,

59、909)Fresno3,476,502-6.5%6.4%4,465(13,776)Honolulu6,545,835-13.9%14.0%10,916 10,174 Las Vegas5,207,152-10.1%10.7%(31,165)45,617 Los Angeles37,956,819-230,000 24.4%25.1%(406,899)(850,902)Phoenix23,032,307-20.0%21.0%(257,611)(106,603)Portland25,159,330-303,373 23.8%25.3%(150,813)(845,317)Reno/Sparks1,6

60、46,056-80,505 11.7%10.7%17,431 72,925 Sacramento10,152,027-18.0%19.4%(89,741)(124,240)Salt Lake City13,693,431-19.2%18.3%416,216 734,344 San Diego10,911,144-674,000 26.8%26.3%61,222 12,991 San Francisco Bay Area137,419,035-3,102,366 20.8%21.1%(848,141)(4,275,599)East Bay30,034,198-0 19.1%18.8%(11,90

61、3)(273,056)San Francisco98,123,460-834,100 21.6%22.2%(798,643)(4,254,687)Silicon Valley9,261,377-2,268,266 17.6%17.8%(37,595)252,144 Seattle75,925,708-5,987,463 18.0%17.6%183,400(630,149)Stockton7,585,546-8.1%8.8%(52,996)33,869 Downtown:All Classes(Continued)U.S.Research Report|Q4 2022|Office Market

62、 Outlook|8Dec.31,2022Q3 2022Q4 2022Q4 2022MarketInventory(SF)Avg.Annual Quoted Rent(USD/SF)Vacancy RateVacancy RateAbsorption (SF)Quarterly Change in RentAnnual Change in RentUSA1,241,063,040$52.8816.6%17.1%(3,321,226)2.8%-0.1%Midwest180,234,443$35.5217.1%17.8%(645,237)0.2%3.0%Chicago79,903,330$48.9

63、616.8%16.8%32,192 0.2%1.3%Cincinnati8,432,745$23.7513.5%17.2%(316,627)2.3%-2.4%Cleveland/Akron Metro10,909,003$22.4815.3%16.2%(95,375)-0.2%1.0%Dayton2,642,216$18.4633.3%34.0%(18,388)1.0%1.3%Detroit8,721,548$28.7911.6%11.5%(4,313)0.0%-1.3%Indianapolis6,608,163$25.0823.6%23.5%13,588-2.5%-2.0%Kansas Ci

64、ty11,359,896$22.9218.3%19.6%(125,864)0.1%1.9%Milwaukee9,161,157$25.4120.6%21.1%(13,687)2.0%1.3%Minneapolis-St.Paul31,065,879$29.4316.3%18.2%(237,627)-12.7%-15.4%Omaha3,215,771$34.216.9%8.1%(24,535)10.4%18.0%St.Louis8,214,735$20.0424.3%22.5%145,399 4.0%0.9%Northeast580,794,191$68.4113.4%14.2%(1,999,7

65、74)2.1%-3.0%Baltimore17,811,994$26.4017.4%18.0%249,076-3.3%Boston49,665,551$69.7314.0%15.5%(744,353)-0.6%-0.5%Hartford8,772,204$22.0517.3%18.8%(134,003)0.0%0.5%New York City Metro350,230,015$78.7911.6%12.5%(1,665,854)0.8%-2.2%Manhattan336,438,779$81.4611.1%12.0%(1,732,706)0.0%-1.8%NYC Northern Subur

66、bs13,791,236$43.6823.8%24.7%66,852-0.3%0.4%Philadelphia33,599,026$34.8514.7%15.2%154,342 2.1%2.5%Pittsburgh25,753,821$31.0617.6%16.3%312,910 0.2%-2.5%Washington,DC94,961,580$59.6717.3%17.5%(171,892)0.6%-0.9%South233,536,012$40.5220.9%20.9%(10,762)0.8%4.6%Atlanta40,929,955$38.1022.8%22.9%(29,812)0.5%

67、2.7%Austin11,169,889$68.4923.2%24.0%(98,601)-0.2%10.3%Birmingham3,815,155$23.0922.5%23.2%(40,375)1.3%-1.5%Charleston1,652,128$37.3014.9%14.7%3,081 0.0%1.4%Charlotte23,902,220$38.6614.8%14.8%(22,661)0.4%-0.2%Columbia2,383,546$23.799.7%9.7%(1,714)-0.3%0.2%Dallas-Fort Worth29,641,599$31.4128.2%30.9%(79

68、4,721)2.3%7.9%Greenville Spartanburg1,964,200$26.953.5%3.5%0 0.0%6.3%Houston36,516,664$45.0527.4%27.3%40,836 0.7%2.0%Huntsville713,180$27.1314.3%14.3%57,431 1.4%10.8%Jacksonville7,148,357$23.6319.2%18.0%211,036 0.3%0.4%Memphis2,585,838$20.0518.7%17.7%26,242 0.3%5.4%Nashville9,264,672$37.9117.1%16.0%

69、72,435 0.5%3.5%Downtown:Class AU.S.Research Report|Q4 2022|Office Market Outlook|9Dec.31,2022Q3 2022Q4 2022Q4 2022MarketInventory(SF)Avg.Annual Quoted Rent(USD/SF)Vacancy RateVacancy RateAbsorption (SF)Quarterly Change in RentAnnual Change in RentNorfolk1,900,520$28.2313.9%21.8%(25,849)0.4%1.0%Orlan

70、do7,302,231$28.4413.9%14.6%52,435 0.2%-3.7%Raleigh/Durham8,542,502$36.6018.7%15.9%26,379 0.4%1.3%Richmond4,256,431$24.9913.9%13.2%59,535 1.0%-5.5%Savannah631,794$23.987.9%8.7%1,788-1.6%-2.4%South Florida30,927,392$62.3416.8%15.9%152,496 2.3%13.9%Fort Lauderdale8,471,383$47.6117.5%17.9%10,566 1.6%4.3

71、%Miami14,619,950$69.7119.7%18.0%102,861 1.0%18.5%Palm Beach7,836,059$63.1011.1%10.0%39,069 8.6%10.6%Tampa Bay8,287,739$35.8914.4%10.8%299,277-0.4%4.6%West246,498,394$52.9419.7%20.1%(665,453)-0.3%3.1%Albuquerque577,135-19.0%19.0%0-Bakersfield872,282$22.525.3%6.8%(13,376)2.8%10.4%Denver29,449,736$38.3

72、723.3%22.9%(42,791)-1.4%-2.2%Fresno1,082,164$21.246.4%6.4%(216)0.6%1.7%Honolulu4,640,705$36.8411.9%11.6%19,946 0.0%1.3%Las Vegas1,242,974$27.3418.4%20.5%(25,461)-1.0%-0.1%Los Angeles20,590,573$42.1315.8%17.9%(190,624)-3.1%-2.9%Phoenix11,170,706$30.2826.5%28.1%(240,515)0.5%2.1%Portland13,438,783$32.8

73、322.3%24.7%(78,027)-9.0%-9.2%Reno/Sparks585,732$27.249.3%7.4%10,728-0.2%0.0%Sacramento5,304,251$40.8613.6%15.7%(111,428)1.1%0.5%Salt Lake City6,004,893$36.2218.6%17.1%382,025-2.3%11.1%San Diego7,642,474$37.0827.2%26.4%56,828-0.6%-4.6%San Francisco Bay Area90,104,832$71.9620.4%20.6%(458,122)0.1%-0.1%

74、East Bay19,454,276$50.6620.1%19.6%(6,900)-1.5%-2.7%San Francisco65,703,376$80.0020.8%21.1%(432,787)0.2%-2.2%Silicon Valley4,947,180$62.7016.0%16.3%(18,435)0.4%-4.7%Seattle50,940,062$54.6317.5%17.5%77,902 0.9%2.5%Stockton2,851,092$25.336.3%8.1%(52,322)-2.2%-5.2%Downtown:Class A(Continued)U.S.Research

75、 Report|Q4 2022|Office Market Outlook|10Dec.31,2022Q4 2022Dec.31,2022Q3 2022Q4 2022Q4 2022MarketInventory(SF)New Supply(SF)Under Construction(SF)Vacancy RateVacancy RateAbsorption(SF)YTD Absorption(SF)USA4,301,992,301 4,198,417 45,771,817 15.0%15.4%(8,245,424)(1,552,887)Midwest780,662,455 218,171 4,

76、996,962 14.1%15.1%(3,096,482)(5,941,238)Chicago161,530,182-19.2%21.8%49,771 35,794 Cincinnati43,813,962-103,000 17.0%17.0%1,167(242,482)Cleveland/Akron Metro47,045,386-1,167,637 12.1%12.4%(180,033)(133,490)Dayton9,458,496-83,000 16.4%16.9%(97,822)(152,422)Detroit165,893,821 137,835 968,936 12.9%13.8

77、%(1,315,048)(1,498,031)Grand Rapids30,829,652 67,596 102,000 6.6%8.1%(341,233)(508,848)Indianapolis29,765,108-77,780 19.5%19.3%46,337 52,366 Kansas City65,903,244-840,307 11.8%12.2%(159,820)(550,724)Milwaukee30,087,623-70,357 16.3%17.4%(173,054)(424,674)Minneapolis-St.Paul128,367,788-704,760 9.1%10.

78、0%(1,075,359)(1,604,258)Omaha27,301,851 12,740 277,600 9.7%9.9%(18,717)103,274 St.Louis40,665,342 0 601,585 19.7%19.2%167,329(1,017,743)Northeast1,052,993,863 786,595 5,847,047 15.5%15.8%(2,456,602)(2,801,131)Baltimore77,298,208-268,284 13.0%12.8%53,127(584,581)Boston119,266,833 482,000-16.5%17.0%(3

79、24,901)711,737 Hartford34,116,686-12.8%12.2%(33,850)(134,129)New Hampshire Markets23,824,513-104,664 12.3%11.7%119,014 157,730 New York City Metro329,282,751 15,750 528,302 14.2%14.8%(1,526,583)(958,728)Central New Jersey85,300,114-14.8%15.9%(870,837)366,555 Long Island68,124,164 15,750 77,610 7.8%9

80、.0%(139,770)(1,008,436)Northern New Jersey112,750,836-233,668 16.7%16.6%(305,259)(649,492)NYC Northern Suburbs63,107,637-217,024 16.1%16.5%(210,717)332,645 Philadelphia107,116,837 138,305-17.4%17.7%(307,478)(197,014)Pittsburgh73,322,539 93,940 216,000 10.1%11.5%(486,430)(582,527)Washington,DC288,765

81、,496 56,600 4,729,797 18.3%18.3%50,499(1,213,619)Northern Virginia196,569,982-3,998,956 18.9%18.9%(143,276)(1,090,997)Suburban Maryland92,195,514 56,600 730,841 17.1%17.0%193,775(122,622)South1,298,115,380 1,194,285 18,358,838 15.9%16.1%(310,648)4,351,163 Atlanta178,521,003 273,777 1,554,653 16.5%16

82、.5%175,383 546,865 Austin60,679,076-3,417,701 19.1%20.0%(576,938)(754,735)Birmingham44,211,905-10.2%10.2%(3,701)96,423 Charleston9,543,742-19.5%18.7%76,087 302,592 Charlotte55,946,669 208,482 1,842,288 14.7%16.4%(747,055)(389,725)Columbia10,205,772-13.1%13.9%(77,255)(245,426)Suburban:All ClassesU.S.

83、Research Report|Q4 2022|Office Market Outlook|11Dec.31,2022Q4 2022Dec.31,2022Q3 2022Q4 2022Q4 2022MarketInventory(SF)New Supply(SF)Under Construction(SF)Vacancy RateVacancy RateAbsorption(SF)YTD Absorption(SF)Dallas-Fort Worth272,080,082 152,462 6,409,103 18.5%18.6%(26,896)1,725,235 Greenville Spart

84、anburg10,903,085-13.7%14.0%(35,230)(46,610)Houston193,347,747 54,841 1,495,281 22.1%22.1%48,364 299,419 Huntsville19,372,509 9,200-8.7%8.9%(41,300)(291,706)Jacksonville39,244,378 62,550 256,031 10.2%10.2%41,825 306,306 Memphis30,533,359-14.3%13.5%316,817 260,003 Nashville43,667,650-353,000 15.2%15.4

85、%245,693 737,389 Norfolk20,462,248-80,000 13.0%13.4%(46,289)(99,924)Orlando47,807,076 14,000 418,620 11.5%11.8%401,921 1,721,726 Raleigh/Durham51,525,250 152,232 1,708,007 12.3%13.2%(98,087)226,824 Richmond15,723,134-14.7%14.8%(111,765)(258,677)Savannah1,565,743 28,000-10.5%7.3%45,020(23,144)South F

86、lorida130,999,520 163,741 793,833 9.7%9.9%92 1,200,741 Fort Lauderdale34,752,531-104,950 11.5%12.5%(216,840)143,774 Miami67,099,310 163,741 594,783 9.5%9.3%224,926 732,374 Palm Beach29,147,679-94,100 8.0%8.1%(7,994)324,593 Tampa Bay61,775,432 75,000 30,321 14.5%14.4%102,666(962,413)West1,170,220,603

87、 1,999,366 16,568,970 14.1%14.6%(2,381,692)2,838,319 Albuquerque11,033,184-12.6%11.8%22,058(34,281)Bakersfield6,842,352-8.2%8.6%(33,269)142,343 Boise25,374,677 104,850 365,021 4.1%4.3%56,097 144,204 Central Idaho2,570,179-1.2%1.1%770 10,353 Denver128,762,615 130,045 2,690,014 13.9%14.0%38,378 1,107,

88、582 Eastern Idaho6,781,259-3.9%4.5%(45,983)(102,660)Fresno19,142,247 6,500-7.3%7.2%47,679 210,233 Greater Los Angeles286,940,353-1,292,059 18.3%19.2%(1,404,378)(1,503,455)Inland Empire20,028,537-10.7%9.8%178,664 554,622 Los Angeles182,060,701-1,292,059 19.9%20.8%(1,127,150)(1,632,397)Orange County84

89、,851,115-16.8%18.0%(455,892)(425,680)Honolulu7,242,573-45,000 11.7%11.9%(12,453)(3,904)Las Vegas41,031,472 161,461 628,723 11.9%12.1%37,197 798,864 Phoenix141,232,465 375,811 929,149 17.6%18.3%(424,003)45,461 Portland49,808,355-100,000 13.5%14.1%(332,461)(728,416)Reno/Sparks6,128,743-10.3%9.8%14,149

90、 55,101 Sacramento47,521,054-20,000 17.6%18.6%(593,780)(1,269,687)Salt Lake City47,006,812 241,000 848,583 13.2%14.5%265,081 990,967 Suburban:All Classes(Continued)U.S.Research Report|Q4 2022|Office Market Outlook|12Dec.31,2022Q4 2022Dec.31,2022Q3 2022Q4 2022Q4 2022MarketInventory(SF)New Supply(SF)U

91、nder Construction(SF)Vacancy RateVacancy RateAbsorption(SF)YTD Absorption(SF)San Diego71,879,508 74,000 421,178 10.5%10.3%81,811 643,402 San Francisco Bay Area212,149,017 769,699 7,679,243 10.8%11.0%(69,163)1,703,289 East Bay49,645,988-761,751 14.0%14.0%13,016(395,017)Fairfield5,283,489-18.5%15.5%12

92、1,683 104,168 San Francisco Peninsula46,485,727 92,000 1,586,939 8.6%8.7%(101,896)449,003 Silicon Valley110,733,813 677,699 5,330,553 9.9%10.4%(101,966)1,545,135 Santa Fe2,254,673-4.1%4.0%3,200 68,844 Seattle56,519,065 136,000 1,550,000 12.3%12.7%(32,622)560,079 Suburban:All Classes(Continued)U.S.Re

93、search Report|Q4 2022|Office Market Outlook|13Dec.31,2022Q3 2022Q4 2022Q4 2022MarketInventory(SF)Avg.Annual Quoted Rent(USD/SF)Vacancy RateVacancy RateAbsorption(SF)Quarterly Change in RentAnnual Change in RentUSA1,828,530,330$34.2017.8%18.3%(3,088,987)0.4%0.1%Midwest255,699,773$26.3817.4%17.9%(674,

94、712)-1.4%-0.8%Chicago76,342,697$29.5423.8%23.8%(6,816)0.1%-0.1%Cincinnati18,895,755$23.2417.3%17.6%(56,835)2.2%2.5%Cleveland/Akron Metro12,858,225$20.4113.1%13.9%(110,043)-0.9%1.4%Dayton2,724,721$25.3715.3%16.6%(47,241)0.5%4.2%Detroit40,390,318$22.3912.6%14.0%(383,782)0.7%0.0%Indianapolis14,125,692$

95、23.8722.7%22.5%(138)0.1%2.2%Kansas City21,351,482$23.9110.9%11.0%37,934 0.6%2.7%Milwaukee12,106,707$19.0915.0%15.8%29,416-9.9%-9.4%Minneapolis-St.Paul28,877,323$27.7711.0%13.1%(338,839)-Omaha7,226,758$32.4711.0%12.0%15,779 0.0%4.5%St.Louis20,800,095$26.7721.6%20.5%185,853-1.1%0.1%Northeast507,116,71

96、8$31.5516.8%17.4%(2,382,709)0.1%0.6%Baltimore33,634,838$28.1815.5%15.5%(93,991)-Boston53,680,691$34.4815.9%16.3%46,744 3.4%10.0%Hartford6,376,880$21.4118.1%16.2%(108,742)-1.5%2.0%New Hampshire Markets7,556,255$24.4814.2%13.0%58,044 3.9%5.4%New York City Metro190,448,219$31.6715.2%16.3%(1,877,980)0.5

97、%0.0%Central New Jersey55,114,116$28.9413.2%15.3%(1,170,999)-1.0%0.0%Long Island24,748,677$30.888.0%11.0%(251,947)1.1%2.0%Northern New Jersey78,596,598$33.4517.3%17.5%(225,839)-0.1%0.3%NYC Northern Suburbs31,988,828$31.0918.9%19.3%(229,195)3.8%-3.0%Philadelphia55,811,699$29.3014.6%15.6%(359,528)-0.2

98、%1.9%Pittsburgh17,861,904$25.0220.0%23.8%(176,983)-2.0%-3.8%Washington,DC141,746,232$35.2320.2%20.1%129,727 0.0%-0.2%Northern Virginia95,558,344$37.9520.2%20.1%14,745 0.2%0.9%Suburban Maryland46,187,888$30.5320.1%19.9%114,982 0.2%-1.2%South579,726,750$33.0319.6%19.8%81,362 0.2%2.9%Atlanta91,869,358$

99、31.7121.1%21.0%262,915-0.4%1.2%Austin27,099,616$41.5617.6%19.2%(435,856)2.8%5.4%Birmingham9,928,915$22.8215.8%14.6%116,262 0.6%-0.1%Charleston3,496,204$29.2422.1%21.3%29,541-4.4%5.7%Charlotte26,204,616$33.4419.2%21.4%(467,108)-0.1%9.8%Columbia1,994,579$21.8327.6%27.6%0 0.0%5.8%Dallas-Fort Worth140,8

100、32,450$35.8720.9%20.6%355,979 0.7%5.2%Greenville Spartanburg4,461,678$24.0513.5%13.5%(2,743)1.4%1.3%Suburban:Class AU.S.Research Report|Q4 2022|Office Market Outlook|14Dec.31,2022Q3 2022Q4 2022Q4 2022MarketInventory(SF)Avg.Annual Quoted Rent(USD/SF)Vacancy RateVacancy RateAbsorption(SF)Quarterly Cha

101、nge in RentAnnual Change in RentHouston103,314,015$31.5024.4%24.4%8,752-0.4%-1.6%Huntsville3,241,833$22.6110.4%11.9%(23,079)-0.8%9.9%Jacksonville11,265,208$24.9210.5%10.0%55,071 1.4%3.1%Memphis8,822,192$24.2014.9%14.1%71,156 1.7%1.3%Nashville18,881,901$34.6418.9%20.2%117,603 1.4%3.7%Norfolk9,365,430

102、$21.5411.6%12.3%(66,238)0.4%-0.3%Orlando17,859,432$28.3414.6%15.1%137,021 0.6%1.4%Raleigh/Durham26,969,260$30.2915.2%16.6%(41,521)-5.0%2.1%Richmond8,926,102$21.4817.0%16.6%(35,553)0.6%0.5%Savannah554,276$26.1113.8%7.4%30,860 11.7%5.7%South Florida42,284,010$43.0314.6%15.5%(137,345)1.1%5.7%Fort Laude

103、rdale12,661,975$38.6416.7%18.0%(73,144)1.1%3.2%Miami20,377,722$45.6415.7%16.7%(41,671)1.6%5.9%Palm Beach9,244,313$43.479.3%9.4%(22,530)0.6%6.2%Tampa Bay22,355,675$30.5219.5%19.1%105,645 1.1%2.0%West485,987,089$43.0817.0%17.7%(112,928)1.4%-0.6%Albuquerque1,052,173$23.498.6%8.5%1,700 0.0%3.0%Bakersfie

104、ld3,090,777$23.669.6%9.5%1,744 0.8%3.2%Denver49,547,173$30.0216.7%16.5%145,400 0.4%-1.3%Fresno1,376,272$23.8813.1%11.3%25,314 0.3%-2.0%Greater Los Angeles159,948,127$45.3920.7%22.1%(1,140,072)1.4%-0.9%Inland Empire5,175,622$30.3610.6%9.8%40,674-0.4%1.1%Los Angeles117,266,963$48.9421.1%22.3%(928,354)

105、1.6%-1.0%Orange County37,505,542$35.7520.7%23.0%(252,392)-0.6%-2.8%Las Vegas5,988,141$35.3822.1%22.0%130,581 1.8%6.1%Phoenix49,312,603$32.2523.4%24.5%84,382 0.6%1.2%Portland13,559,287$32.1817.0%17.9%(133,875)-1.8%2.7%Reno/Sparks1,043,152$27.1615.4%16.4%(7,606)-4.2%11.7%Sacramento14,273,358$26.4818.9

106、%19.9%(129,547)-1.1%0.5%Salt Lake City23,169,270$29.1013.3%13.8%674,112 8.6%3.1%San Diego25,926,526$43.6612.7%12.4%114,192-0.9%2.1%San Francisco Bay Area122,889,459$62.9011.3%11.7%225,472 0.5%0.6%East Bay20,707,644$40.9617.7%17.8%(38,443)-0.2%0.1%Fairfield2,202,660$30.6322.7%17.4%82,724 0.6%6.1%San

107、Francisco Peninsula29,236,520$81.297.7%7.5%54,783 2.9%5.7%Silicon Valley70,742,635$69.2210.6%11.4%126,408 0.4%-2.2%Seattle14,532,256$33.5515.6%15.4%(104,725)-0.8%6.1%Suburban:Class A(Continued)U.S.Research Report|Q4 2022|Office Market Outlook|15Office ServicesMichael LirtzmanHead of Office Agency Le

108、asing|U.S.+1 312 612 ResearchSteig Seaward Senior National DirectorResearch|U.S.+1 303 888 3177 Stephen Newbold National DirectorOffice Research|U.S.+1 202 534 3630 Occupier ServicesThis document/email has been prepared by Colliers for advertising and general information only.Colliers makes no guara

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110、ll inferred or implied terms,conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from.This publication is the copyrighted property of Colliers and/or its licensor(s).2023.All rights reserved.This communication is not intended to cause or induce breach of an existing listing agreement.Scott Nelson CEOOccupier Services|Global+1 470 386 9250 Chris Zlocki Head of Client Experience|Executive Vice PresidentOccupier Services|Global+1 313 595 5498