New Office Insight

Yardi Matrix Update

By Joel Nelson on Jan 22, 2020 in Matrix, News

Here are some highlights of the most recent U.S. office property report from Yardi Matrix:

• Office-using employment increased 1.6% year-over-year in November 2019.
• The average asking rate increased 2.3% year-over-year that month while the vacancy rate fell 10 basis points to 13.6%.
• Growth in demand for office space as measured by office-using employment is heavily concentrated in a handful of metros. The top 20 markets tracked by Yardi Matrix accounted for 64% of office-using employment growth from October 2018 to October 2019 but only about 42% of total employment growth.
• Transactions through November totaled $82.2 billion, on pace to match or exceed the $93 million recorded in 2018.
• Sixty-seven million square feet of space was delivered year to date through November and another 156 million square feet remains under construction.

Learn more about key trends in national supply, demand and sales—along with the factors driving listing rate increases in Brooklyn, N.Y.; and why the office market economies in Nashville, Tenn., and Orlando, Fla., are riding high—in the Yardi Matrix national office report for December 2019.