The US national office vacancy rate was 17.7% in July 2026, down 130 basis points year over year, with the average listing rate at $33.58 per square foot. Vacancy fell in 19 of the 25 largest markets, and Dallas dropped below 20% for the first time since 2023, per the August 2026 national office report.
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US office vacancy falls to 17.7%, 130 bps lower year over year
Why this matters for founders
Space is loosening but tightening in top metros; if you need an office, lock favorable terms and concessions now while landlords still compete, especially outside the hottest markets.
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