US office inventory to shrink further by 2030

While 2024 was the first year in which inventory removals outpaced completions, we expect strong conversions activity to make it the first of many. Indeed, thanks to further declines in office occupancy and capital values over 2025-2030, we expect US office inventory will decline by a cumulative 2.5%, a small adjustment from our original forecast of 3.0% in 2020.

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