Vacancy rate of office space in the U.S. Q2 2023, by market
Among the major office markets in the United States, Manhattan, NY, had the lowest vacancy rate in the second quarter of 2023. Approximately 13 percent of office space was vacant in that quarter, compared to 31.4 percent in Phoenix. Since the onset of the coronavirus pandemic, the office real estate sector has been suffering an increase in office vacancies, affecting both downtown and suburban properties.