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Zombie Office Buildings on the Rise As Pandemic Endures

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. 

*Article Courtesy of Costar

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