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2022 Q2 Office Market Outlook

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A Stable Second Quarter for the U.S. Office Market

Key Takeaways
  • The U.S. office vacancy rate increased marginally in Q2 2022.
  • Net absorption was positive for the third time in the past four quarters.
  • Asking rents are mostly holding firm, but generous concessions are on offer.
  • Sublease space is at record levels.
  • Supply-side risks are limited with speculative construction subdued.
  • Office occupancy is increasing, but the return to the office has slowed.
  • Sales volume has fallen, but pricing is holding steady for now.
  • High inflation and rising interest rates could stifle economic growth.


2022 Q2 Office Market Outlook

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Related Experts

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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Michael Lirtzman


Chicago - Downtown

Highly experienced commercial real estate leasing broker, owner, operator and manager with proven expertise in office leasing, acquisitions, development, and asset management in Chicago as well as multiple other markets across the country, having held senior management and leadership positions with large scale developers and commercial real estate service firms. Directly responsible for building and managing leasing and operational teams in multiple markets across the country and executing over 3.5 million square feet of office lease transactions creating value for property sales well in excess of $3 billion.  Specific project experience includes office, industrial and multifamily acquisition, development, adaptive re-use and leasing execution in multiple markets, in addition to equity and debt placement in multiple asset classes in both institutional settings and private partnerships.

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Scott Nelson

CEO, Occupier Services | Global


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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