If there was going to be a winner crowned in the slow recovery of the office market by building type, the trophy would go to its namesake.
Trophy buildings average 13% vacancy nationally compared to 17.9% for Class-A buildings, Newmark said in a report released Tuesday.
In the six strongest, most mature U.S. submarkets — LA’s Century City, Uptown Dallas, Chicago’s West Loop, D.C.’s central business district, Manhattan’s Park Avenue and Boston’s Back Bay — the divide is even steeper. Trophy buildings in those areas average 10.5% office vacancy vs. 16.5% for Class-A buildings.
That vacancy has also held stable since before the pandemic. It is…