Office real estate statistics show a market measured through several lenses: property portfolios, rentable area, occupied and leased space, rents, employment, tenant concentration, and lease expirations. The figures below cover selected U.S. company disclosures and official employment series, with periods and definitions stated because these are not one unified national office-market index.
Key Office Real Estate Statistics
The following figures provide a concise cross-section of office real estate scale, performance, economics, employment, and risk:
- In the OPI U.S. portfolio on December 31, 2024, 128 wholly owned properties were reported.
- On December 31, 2024, OPI’s wholly owned U.S. portfolio contained approximately 17.8 million rentable square feet.
- On December 31, 2024, OPI properties were leased to 226 tenants.
- At December 31, 2024, OPI’s weighted-average remaining lease term was approximately 7.4 years, weighted by annualized rental income.
- AIMCo year-end office occupancy was 79.2% in 2024.
- COPT same-property average occupancy was 95.8% in 2024, compared with 95.0% in 2023.
- COPT same-property occupancy ended 2024 at 96.4%.
- COPT tenant retention was 88.6% during 2024.
- Highwoods office occupancy was 87.1% on December 31, 2024, down from 88.9% a year earlier.
- Hudson Pacific office in-service occupancy was 78.3% in Q4 2024.
- COPT’s average cash rent increase on renewed square feet was 1.0% in 2024.
- Highwoods comparable GAAP rent was $33.32 per rentable square foot in Q4 2024.
- Hudson Pacific same-store office annualized base rent was $55.41 per square foot on June 30, 2024.
- September 2024 U.S. nonresidential property-manager employment was 172.7 thousand payroll employees.
- Hudson Pacific same-store office space was 78.5% occupied on June 30, 2024.
- OPI’s largest tenant, the U.S. government, contributed 17.0% of annualized rental income on December 31, 2024.
- AIMCo expected 12.4% of in-service office square feet to expire in 2025, assuming no renewal or early termination.
- Hudson Pacific executed 441,924 square feet of office leases in Q4 2024.
Contents
- Office real estate portfolio scale and occupancy
- Office occupancy trends and leasing performance
- Office rents, renewals, and lease economics
- Office property employment and related business activity
- Office portfolio mix and tenant exposure
- Office lease expirations, risk, and market outlook
Office Real Estate Portfolio Scale and Occupancy
Portfolio disclosures show how office real estate is counted: properties, rentable square feet, tenants, carrying value, ownership interests, and remaining lease term. OPI’s figures are company-specific and should not be read as a national market estimate.
| OPI measure | December 31, 2024 result | Definition or scope |
|---|---|---|
| Wholly owned properties | 128 properties | OPI U.S. portfolio |
| Wholly owned area | Approximately 17.8 million rentable sq. ft. | Unaudited square footage |
| Unconsolidated joint venture | 2 properties; 51% interest | OPI-held interest |
| Joint-venture area | Approximately 0.3 million rentable sq. ft. | Not wholly owned |
| Undepreciated carrying value | $3.7 billion | Carrying value, not market value |
| Depreciated carrying value | $3.0 billion | Excludes held-for-sale properties |
| Tenants | 226 | OPI portfolio |
| Weighted-average remaining lease term | Approximately 7.4 years | Weighted by annualized rental income |
Source: Office Properties Income Trust 2024 Form 10-K. The square-footage figures are unaudited, and the carrying values are accounting measures rather than market values.
OPI also held a 51% interest in a joint venture containing two properties and approximately 0.3 million rentable square feet. That interest is separate from the 128 wholly owned properties, so the categories should not be added without accounting for ownership structure.
Office Occupancy Trends and Leasing Performance
Occupancy varies substantially among portfolios and definitions. “Occupied” and “leased” are distinct measures, and same-property, in-service, year-end, quarterly, and annual-average metrics describe different populations.
| Portfolio and measure | Earlier result | Later result |
|---|---|---|
| AIMCo year-end office occupancy | 87.4% in 2020 | 79.2% in 2024 |
| COPT same-property average occupancy | 95.0% in 2023 | 95.8% in 2024 |
| Highwoods office occupancy | 88.9% in 2023 | 87.1% in 2024 |
| Hudson Pacific office in-service occupancy | 80.8% in Q4 2023 | 78.3% in Q4 2024 |
Sources: 2024 Annual Report – Apartment Investment and Management Company, Corporate Office Properties Trust 2024 Form 10-K, Highwoods Properties 2024 Annual Report, and Hudson Pacific Properties Q4 2024 Supplemental Information.
AIMCo reported year-end office occupancy of 87.4% in 2020, 84.9% in 2021, 83.7% in 2022, 81.0% in 2023, and 79.2% in 2024. The annual sequence is a company-specific disclosure, and portfolio composition can change.
COPT’s same-property average occupancy increased from 95.0% in 2023 to 95.8% in 2024, while its same-property occupancy ended 2024 at 96.4%. COPT also reported 88.6% tenant retention in 2024; that is an issuer-defined metric, not a universal industry standard.
Highwoods office occupancy declined from 88.9% in 2023 to 87.1% in 2024. Hudson Pacific reported office in-service occupancy of 78.3% in Q4 2024 versus 80.8% in Q4 2023.
Office Real Estate Rents, Renewals, and Lease Economics
Office rent statistics depend on whether the measure is cash rent, straight-line accounting rent, annualized base rent, net effective rent, GAAP rent, or a same-space comparison. These measures are therefore best read within each issuer’s stated population.
- COPT’s average cash rent increase on renewed square feet was 1.0% in 2024, while its cash rent compound annual growth rate on renewed square feet was 2.8% over the company-reported interval.
- COPT’s straight-line rent increase on renewed square feet was 8.9% in 2024; this is accounting rent rather than cash rent.
- Highwoods reported comparable GAAP rent of $33.32 per rentable square foot in Q4 2024, 12.2% above prior leases in the same-space comparison.
- Hudson Pacific reported same-store office annualized base rent of $55.41 per square foot on June 30, 2024 and total in-service office annualized base rent of $55.84 per square foot on that date.
- Hudson Pacific net effective office rent was $45.75 per square foot in Q4 2024, compared with $43.54 per square foot in Q4 2023; both are signed-lease metrics.
Sources: Corporate Office Properties Trust 2024 Form 10-K, Highwoods Properties 2024 Annual Report, Hudson Pacific Properties Form 10-Q for quarter ended June 30, 2024, and Hudson Pacific Properties Q4 2024 Supplemental Information.
The rent figures are not interchangeable. For example, annualized base rent is not effective rent, straight-line rent is not cash rent, and executed or signed-lease measures do not describe every occupied square foot.
Office Property Employment and Related Business Activity
Employment data provides a broader view of the businesses connected to property operations, but the official categories are not office-only measures. The September 2024 BLS series includes residential and nonresidential property managers, real-estate brokers, appraisers, and related activities.
| September 2024 U.S. BLS category | Payroll employees | Scope |
|---|---|---|
| Real estate property managers, NAICS 53131 | 730.5 thousand | Residential and nonresidential |
| Residential property managers, NAICS 531311 | 557.8 thousand | Residential comparison category |
| Nonresidential property managers, NAICS 531312 | 172.7 thousand | Includes non-office properties |
| Real estate agents and brokers, NAICS 5312 | 397.2 thousand | Industry employment |
| Activities related to real estate, NAICS 5313 | 852.8 thousand | Broad category |
| Real estate appraisers, NAICS 53132 | 28.9 thousand | Industry category |
| Commercial and industrial equipment rental, NAICS 5324 | 197.6 thousand | Related rental industry |
Source: Table B-1a. Employees on nonfarm payrolls by industry sector and selected industry detail, seasonally adjusted. These are industry employment figures, not office-building occupancy counts.
A separate November 2024 BLS table reported 554.9 thousand production and nonsupervisory employees in NAICS 53131 and 125.5 thousand in NAICS 531312. These figures have different employee coverage from total payroll employment and include property types beyond offices.
Office Portfolio Mix and Tenant Exposure
Portfolio mix changes the meaning of an occupancy percentage. Hudson Pacific’s same-store office population and its separate lease-up asset illustrate why property count, rentable area, leased space, and occupied space should be identified together.
| Hudson Pacific office measure | June 30, 2024 result | Scope |
|---|---|---|
| Same-store properties | 42 properties | Same-store office portfolio |
| Same-store rentable area | 13,103,410 rentable sq. ft. | Same-store office |
| Same-store occupied | 78.5% | Occupied space |
| Same-store leased | 79.8% | Leased space |
| Lease-up asset area | 723,943 rentable sq. ft. | Single office property |
| Lease-up occupied | 85.7% | Occupied space |
| Lease-up leased | 87.5% | May include uncommenced space |
Source: Hudson Pacific Properties Form 10-Q for quarter ended June 30, 2024.
Leased space can include signed space that has not yet commenced, so Hudson Pacific’s 79.8% same-store leased figure is not the same as its 78.5% occupied figure. The lease-up asset likewise was 87.5% leased and 85.7% occupied.
Tenant concentration is another portfolio-exposure measure. OPI reported that its largest tenant, the U.S. government, contributed 17.0% of annualized rental income on December 31, 2024; this is income-weighted concentration, not a share of tenants or square feet.
Source: Office Properties Income Trust 2024 Form 10-K.
Office Lease Expirations, Risk, and Market Outlook
Lease-expiration schedules indicate when space may need to be renewed, re-leased, or otherwise addressed. AIMCo’s figures are conditional estimates as of December 31, 2024 and assume no renewal or early termination.
| Expiration year or bucket | AIMCo share of in-service office square feet | Measurement status |
|---|---|---|
| 2025 | 12.4% | Conditional estimate |
| 2026 | 13.1% | Conditional estimate |
| 2027 | 12.2% | Conditional estimate |
| 2028 | 9.6% | Conditional estimate |
| 2029 | 7.3% | Conditional estimate |
| Thereafter | 5.1% | Schedule bucket estimate |
Source: 2024 Annual Report – Apartment Investment and Management Company. The percentages are not forecasts of actual vacancies; they describe the reported expiration schedule under the stated assumption.
Hudson Pacific’s Q4 2024 office leases executed during the quarter averaged 46.7 months, compared with 41.0 months in Q4 2023. The company executed 441,924 square feet of office leases in Q4 2024, but executed leases are not the same as net absorption.
Hudson Pacific also reported negative 11.4% cash same-store NOI growth in Q4 2024. This is a company-defined cash NOI measure for its same-store portfolio, not a national office-market result.
Source: Hudson Pacific Properties Q4 2024 Supplemental Information.