US Office Vacancy Rates Hit Record High Amid Shift to Remote Work

Texas Cities Lead in Vacancies as Older Buildings Struggle to Find Tenants

Office vacancy rates in the US have reached a record high of 19.6%, surpassing the previous records of 19.3% set in 1986 and 1991.
The surge in vacancies is attributed to the shift towards remote work due to the pandemic and overbuilding in the 1980s and '90s.
Texas cities, Houston, Dallas, and Austin, have the highest office-vacancy rates in the country.
Older buildings, particularly those built before the open-plan era, make up the majority of the vacant space.
Analysts predict that office vacancies will continue to rise due to the increasing popularity of hybrid and remote work models.