Posts by Hughes Marino

The Office Market Begins Searching for a Bottom

Hughes Marino on March 11, 2025

After three years of spiking office space availability rates, 2024 was the first year where the U.S. office market began searching for a bottom. Most metro markets did not see office availability rates materially rise or fall over the last year, which is good news for owners, suggesting that the markets might be stabilizing. There were some notable exceptions moving in opposite directions. Boston’s availability rate increased by almost two percentage points and Austin increased by just over one percent. On the other side, Houston and New York City saw almost a two percent decrease in availability rates, while San Jose and Atlanta each saw a full percentage point decrease. The following chart shows availability rates by metro area from Q1 2024 compared to Q1 2025.