Could More Than 1B Square Feet of US Office Space Become Obsolete?

Article originally posted on Phoenix Business Journal on February 28, 2023

As much as 1.4 billion square feet of U.S. office space could become functionally obsolete by the end of the decade.

That’s according to a new analysis by Cushman & Wakefield PLC (NYSE: CWK), which examined which categories of office space could become outdated in the coming years. When factoring in the national office market’s natural vacancy — 13% before the pandemic — the decade could end with 330 million square feet of excessive vacant office space, according to Cushman.

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