Despite economic uncertainty, the lawsuit of the office remained resistant in the first quarter, showing negative absorption in the period, but increasing in the quarter of the quarter of 30% and 48% year -on -year in a total of four quarters, according to the first quarter of Cushman and Wakefield in the first quarter of 2025. Office Market Report launched on Monday.
Net absorption was positive in the first quarter for a third of the American markets, with more than half of office buildings with a single-digit vacancy or without vacancies. “Quality issues and high quality office continues to overcome,” says Cushman & Wakefield.
The number of vacancies from the occupants that put space in the sub -rare market has also declined for four consecutive quarters, helping the absorption and translates that national suburoidal availability decreases 9.5% year -on -year. At the same time, construction activity continues to decrease, with deliveries reaching its lowest quarterly total in more than 12 years.
“The subsidiary market is a precursor to the global vacancy, so it is an indicator that the side of the demand for the equation is being affected,” says the firm.
National vacancies ended the quarter of 20.8%, up to 25 basic points during the quarter. Although this figure is still in trend, the pace of the vacancy slows down, according to Cushman and Wakefield. The global vacancy remained flat or decreased in the quarter of the quarter in 30 North -Americans, including Fairfield County, Connecticut; Miami, Kansas City; San Jose, California; San Diego; Minneapolis/c. Paul; New Central Jersey; and Atlanta, according to the report.
Changing economic policies such as products on products and materials important for facilities managementIt has not yet had a significant impact on the demand for offices, according to the firm. But the longer the uncertainty of politics lasts, the “more harmful it will”, says Cushman and Wakefield. “We are already observing signs of weakness that arise in economic data,” he says, emphasizing that the non -work statements are still low, but they are drift, dismissal ads increased in March and CFO optimism is decreasing. All this could lead to long -term investment hesitations, including leases, according to the report.
Despite this uncertainty, a new limited construction, decreases in the availability of sub -arrends and “the fact that much of the size of the labor force due to a remote work was at the forefront.Loaded for the last five years “gives reason to be wisely optimistic, according to Cushman and Wakefield.
The recovery will not be distributed equally. Some markets experiencing a high registration vacancy are also seeing a limited amount of top -notch space available for the report. “It is important to focus on the competitive set of each asset and not on the entire market, which may include perfectly functional, but are competitive buildings,” says Cushman and Wakefield.
