In Q2/24, the downtown office market’s vacancy rate surpassed 22%, an increase from 20% at year-end 2023. Absorption improved, but remained negative at -67,000 square feet in Q2, bringing the year-to-date number to negative 1.9 million square feet, more than double the negative net absorption over the same period last year. Despite these weak headline statistics, there are pockets of strength in the CBD. For example, Fulton Market continues to outperform, posting positive absorption every year since 2016.
