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U.S. Office Markets: Performance & Prospects | Q3 2022

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The U.S. office market is in unchartered territory. Following two years of pandemic-driven correction, signs of stabilization are emerging. However, there is considerable debate and speculation regarding the future. The office sector is facing a set of challenges that could result in significant structural shifts over the years ahead.

In this report, we examine the national context and outlook, before looking at current economic and real estate trends in 59 leading U.S. office markets, along with their outlook through year-end 2022. In addition, we establish where each market sits in the office cycle. Are local trends declining, stabilizing or showing signs of recovery?

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U.S. Office Markets: Performance & Prospects | Q3 2022

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Related Experts

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.

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·       Commercial Real Estate Research & Analysis

·       Customer Facing Solution Sales

·       Product Design & Implementation

·       Customer & Employee Curriculum Development and Training

·       SAAS/Subscription-Based Services

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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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Michael Lirtzman

Principal

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

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. 

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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
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