Empty Space: Office Building Prices Drop Across Major US Cities

Prices for office buildings across the United States remain low after eighteen months of the COVID-19 pandemic, including in its most expensive cities.

According to a new report from real estate data firm CommercialEdge, average sale prices dropped to $284 a square foot on office buildings in central business districts nationwide this year. This comes after prices hit a peak of $400 a square foot in 2019 and $379 in 2020.

Despite the dip in price, CommercialEdge, which produced its analysis after examining office building sales of 50,000 square feet and above, suggested that...