Overall office vacancy reached 17.2% in the second quarter of 2025, virtually unchanged from last quarter, as the stabilization of the market continues. The most notable change in vacancy quarter-over-quarter (QOQ) was in the Central Class A market as vacancy declined to 17.3%
Overall industrial vacancy witnessed a modest increase from last quarter to now sit at 5.5%. While an increase in direct vacancy did contribute the majority of the square footage increase in vacant space this quarter, sublet vacancy – after a one quarter pause – resumed its upward trajectory