In the good times leading up to the first quarter of 2020, the number of office properties written off as vacant “zombies” had largely dwindled in size across most major U.S. cities.
But since the pandemic was declared in March 2020, the numbers are rising again.
CoStar News tallied the number of office buildings 50,000 square feet or larger at the end of each quarter that were 98% or more empty. The number was growing at an annualized pace of 23% in the second quarter of this year. That growth has tapered off to a 19% annualized increase in the third quarter.
The pandemic has added 303 buildings, for a total of 1,267 properties, to the inventory of zombie office buildings with rentable inventory up 37.43 million square feet, bringing the total vacant to 157.5 million square feet.
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Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier New Jersey and Philadelphia commercial real estate brokerage firm that provides a full range of New Jersey and Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other New Jersey and Philadelphia commercial properties for buyers, tenants, investors, and sellers.
A New Jersey and Philadelphia commercial real estate broker with expertise in New Jersey and Philadelphia commercial real estate listings, Wolf Commercial Real Estate provides unparalleled expertise in matching companies and individuals seeking new New Jersey and Philadelphia office space, New Jersey and Philadelphia retail space, or New Jersey and Philadelphia industrial space with the New Jersey and Philadelphia commercial properties that best meets their needs.
As experts in both Philadelphia and New Jersey commercial real estate listings and services, the team at our commercial real estate brokerage firm provides ongoing detailed information about Philadelphia and New Jersey commercial properties to our clients and prospects to help them achieve their real estate goals.
Please visit our websites for a full listing of South Jersey, Philadelphia, and New Jersey commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.
