The first quarter of 2024 brought mixed results for the U.S. office market—while the macroeconomic picture and occupier demand are improving, negative net absorption remains stubbornly high as major occupiers continue to trim meaningful amounts of space from their portfolios. But despite persistent downsizing, the market is being rebalanced through a robust conversion and redevelopment pipeline that has grown at a near exponential pace over the short term.
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Source: “US Office Outlook – Q1 2024“
