Check out JLL's 1st QT - U.S. Market Dynamics While we continue to track a consistent and healthy recovery of demand, occupancy loss remains high as tenants continue to downsize - however, a couple counterpoints help to soften the blow. 1) Much of the current occupancy loss falls into a new category we are calling "notional occupancy loss" - essentially negative net absorption coming from buildings that are proposed to be converted or redeveloped and do not have a long-term role in the office market. Notional occupancy loss has comprised 17% of negative net absorption during the pandemic and continues to increase with more conversion and redevelopments being proposed. 2) Occupancy loss has been highly concentrated - although we've seen record negative net absorption, it's not being felt by a wide share of landlords, in fact over the past six months the share of buildings with vacancy rates increasing is consistent with what we saw in 2018 - more a consequence of tenants upgrading and a segment of the market being left behind. Download the report for our full analysis
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