Office vacancy hits an all-time high despite more people returning to in-person work

• The US office vacancy rate rose to 13.1%, according to the National Association of Realtors.
• That's a new record high, despite more people returning to in-person work.
• NAR cited hybrid work, as tenants have decreased the average square footage per person.

The US office vacancy rate hit a record high of 13.1% at the end of last quarter, despite an uptick in people heading back to in-person work, according to the National Association of Realtors.

The vacancy rate surpassed prior highs from 2022, when every quarter stood above 12%. In the two years before the pandemic, the quarterly rate held at around 9.5%.