New York, Boston, Providence, Philadelphia, and Washington D.C. are among the largest cities in the Northeast, with a plethora of towering office buildings populating their skylines. Ironically though, none of these locations are listed in the National Association of Realtors’ (NAR) Top 10 Commercial Office Markets for the third quarter of 2021. Instead, the South and West dominate the list, with places like Austin, Boise, Chattanooga, and Omaha, plus three different locations in Florida–Daytona Beach, Palm Beach, and Miami. Also absent from the register are metropolitan locations like Chicago, Los Angeles, San Francisco, Denver, and Seattle. NAR analyzed 390 commercial real estate markets across the United States and concluded that the office sector continues to struggle, as absorption rates and rents have declined in larger, more populated areas. Meanwhile, small and medium-sized metropolitan regions have seen an increase in office occupancy rates that outperform most large cities and the national …
Northeast Locations Absent in America’s Top 10 Commercial Office Markets
October 31, 2021
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