The asking rents for the best-in-class office space are falling across the U.S. and Canada, according to data from real estate services firm Colliers.
Last year, full-service Class A central business district rents fell to $52.37 per square foot from $53.63 the year before, an average drop of 2.4 percent.
This fall comes after at least five consecutive years of rent growth, with 2023 marking a peak since 2019, even amid rising vacancies and the rise of hybrid work culture. Despite these trends, tenants had still sought quality office space.
The lowest asking rent for this sector was in Cleveland, of $23.58 per square foot. Manhattan had the highest, at $80.13 per square foot.
Nashville recorded the highest rent growth of 16 percent year over year. The largest fall was in Toronto – just under 11 percent year over year.
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