CommercialCafe's national office report (July 2026) put the US office vacancy rate at 17.7% in June, down 170 basis points year-over-year, with average asking rent of $33.67/sq ft (down 2.4% YoY). Nearly half of office transactions since 2024 involved discounted pricing, fueling record office-to-multifamily conversions.
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US office vacancy eases to 17.7% in June 2026 as conversions accelerate
Why this matters for founders
Discounted, higher-vacancy office markets give founders leverage to negotiate below-ask rents, shorter terms, and TI allowances—shop aggressively before signing a lease.
Source: CommercialCafe
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