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Top 50 U.S. Office Markets

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The U.S. office market is at a critical juncture. Following close to two years of pandemic-driven correction, signs of stabilization are emerging. In this report, we examine the national context and outlook before assessing current economic and real estate trends in 50 leading U.S. office markets along with their outlook for 2022.

Attention is paid to the opportunities and challenges that each market is facing, particularly from an occupier perspective. In addition, we establish where each market sits in the current office cycle. Are local trends still declining, stabilizing or showing nascent signs of recovery?

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Top 50 U.S. Office Markets

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Related Experts

Kevin Morgan

President, Northwest/North Central Region and Head of Agency Leasing, U.S.

Reno

As President of the Northwest/North Central Region for Colliers International Kevin P. Morgan leads Colliers' operations and business strategy in the region with a focus on developing, recruiting and retaining top brokerage professionals and providing clients with the highest level of service.

With more than 20 years of international commercial real estate experience, Kevin is a strategic operator driving real estate deals, team development, transaction management and negotiations for global real estate portfolios. Prior to joining Colliers, Kevin was Executive Vice President and CEO for multinational corporation Crystal Lagoons, where he led offices spanning 15 countries and managed 55+ real estate partnerships valued at $364M+ in revenue with leading development and investment companies.

Kevin's role with Crystal Lagoons represents his unique skillset in building market leading corporations out of start-up cultures. This role saw Kevin lead a significant portfolio of transactions spanning multi-family, hospitality, retail, mixed-use, office and land in 17 countries across Central America, Latin America, Europe, Middle East, Asia, and Australia.

Prior to his role with Crystal Lagoons, for over a decade Kevin held national and international senior leadership positions with The John Buck Company (JBC), an international real estate development, investment and asset management firm, based in Chicago. JBC has delivered 44M SF of mixed-use real estate, raised $700M+ in private and institutional capital, representing $11B+ in project financing.

During his tenure Kevin launched and co-directed a joint venture real estate development company between JBC and Mubadala Investment Company (an Abu Dhabi sovereign wealth fund). While based in Abu Dhabi, he was a key member of the executive team that led a culturally diverse team of 250 professionals across three business units responsible for $7.5B+ of development projects.

Additional roles at JBC spanned ownership leasing for new office development projects and expanding relationships with new capital partners on a domestic and international scale.

Kevin brings to Colliers a commitment to service excellence and strategic partnership to drive success for its people and its clients.

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Scott Nelson

CEO, Occupier Services | Global

Atlanta

Scott Nelson is CEO, Occupier Services | Global at Colliers International and is responsible for strategy and leadership of the global Occupier Services business unit. Occupier Services makes up the platform of talent and tools that supports our clients directly and in partnership with our transaction advisory professionals that lead many of these relationships.  Occupier client engagements include tenant representation transaction advisory and project management assignments, multi-market accounts, to comprehensive corporate real estate outsourcing.  Occupier Services includes service lines such as Enterprise Clients/Account Management, Client Experience, Strategic Consulting, Technology Services (including our Colliers360 platform), Lease Administration, Transaction Management and Project Management.  Occupier Services is a global business with deep capabilities sitting within each of the three regions of Americas, EMEA and APAC.

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Chris Zlocki

Head of Client Experience | Executive Vice President, Occupier Services | Global

Denver - Downtown

I am focused on ensuring Colliers' Occupier Services clients receive best-in-class service delivery reinforced by a mindset of continuous improvement. My responsibilities include: account growth, setting direction on account strategy & innovation initiatives with an emphasis on maximizing service excellence, regular strategic engagement with clients, executive sponsor of our program to develop our account executives and directors and ongoing leadership of Technology and Consulting Services in the Americas. 

Specialties: 
Global Occupier Services Outsourced Account Leadership                                                                                                                                                              Executive Oversight & Governance for Outsourced Account Solutions for Tech Sector Clients                                                                                          Footprint & Real Estate Portfolio Planning
Business Intelligence Platform & KPI Development
M&A Integration Roadmaps & Operational Playbooks
CRE Organizational Effectiveness & Design
Capital Planning & Forecasting

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Steig Seaward

Senior National Director Research

Los Angeles - El Segundo

Steig Seaward is the national director of research and oversees the research and GIS teams for the United States. A proven CRE tech leader, Steig brings 25+ years of experience providing research and analysis, product design and customer retention strategies across the information technology and commercial real estate industries.   

Prior to joining Colliers,  Steig spent nine years as the senior research director overseeing research and marketing operations for the east coast region of Grubb & Ellis and more recently was the EVP of Customer Success at Xceligent, a full service-SAAS based commercial real estate information provider.  Steig also served as the national director of Business Development and Client Services during his 13-year career at Xceligent.  In addition, Steig also gained valuable experience as the director of sales for IdealSpot, a demographic and site selection software provider, VP of Technology & Member Services for the Denver Metropolitan Commercial Association of Realtors and began his career as a research analyst for the Resolution Trust Corporation.

Areas of expertise include:

·       Commercial Real Estate Research & Analysis

·       Customer Facing Solution Sales

·       Product Design & Implementation

·       Customer & Employee Curriculum Development and Training

·       SAAS/Subscription-Based Services

·       Customer Success Development

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Stephen Newbold

Director of National Office Research

Washington, DC

Stephen has over 35 years of Commercial Real Estate (CRE) Research experience gained in both the U.S. and U.K. He has an expert knowledge of many CRE markets across the U.S. Having worked with brokerage firms, asset managers and data providers he has a broad spectrum of experience and is adept in forecasting, analysis and strategy. Prior to joining Colliers, Stephen was a Research Director with CoStar based in Washington D.C. His career history also includes eight years as Director of U.S. Office Research with Deutsche Asset Management and six years as Head of Research with Newmark Knight Frank in London, U.K.

At Colliers, Stephen is responsible for all aspects of U.S. National Office research including authoring quarterly reports, press interviews and multi-market analysis. He works closely with multiple Colliers' business lines including Office Services, Capital Markets, Healthcare, Law Firm Services, Property Management and Occupier Services. He’s a frequent author of blogs and thought leadership pieces as well as giving presentations to clients and industry groups.

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