The sharp downturn in office market fundamentals continued in Q1 2021. Net absorption was once again negative in all the top 10 markets and vacancy rates continued to rise. Rents remain under pressure and are falling in some markets.

Asking rates across the 10 markets fell by an average of 0.9% in Q1, with the greatest falls occurring in Boston (-3.8%), Houston (-3.5%) and the San Francisco Bay Area (-2.6%). Effective rents have declined across all markets due to increased incentives on offer.

Download the Top Office Markets Snapshot | Q1 2021.