Connect with us

Markets

Ranked: The U.S. Cities with the Most Vacant Offices

Published

on

Vacant offices in the U.S. 2023

Can I share this graphic?
Yes. Visualizations are free to share and post in their original form across the web—even for publishers. Please link back to this page and attribute Visual Capitalist.
When do I need a license?
Licenses are required for some commercial uses, translations, or layout modifications. You can even whitelabel our visualizations. Explore your options.
Interested in this piece?
Click here to license this visualization.

Ranked: The U.S. Cities with the Most Vacant Offices

For many across the U.S., hour-long transit rides and traffic jams to work have been replaced by roll-out-of-bed commutes and stand-up desks at home, leaving vacant offices behind.

Long story short, more and more offices in major U.S. cities are empty. At the end of March 2023, the national average vacancy rate of U.S. offices had climbed as high as 18.6%.

So how have different cities in the U.S. been impacted? This ranking uses data out of fDi Intelligence to rank the top 10 cities that have seen the biggest increases in office vacancy rates from Q4’2019 to Q1’2023.

 No  Vacancy

It is anticipated that by 2030, over 300 million square feet of U.S. office spaces will be obsolete.

According to Pew Research Center, around 35% of U.S. workers who can work from home in 2023 are already doing so all the time. In short, unless trends begin to reverse, offices in many cities will stay empty or continue getting emptier.

Here’s a closer look at the cities with the fastest growing vacancy rates in percentage points (p.p.) terms since just before the COVID-19 pandemic:

RankCityStateChange in Vacancy Rates
Q4'2019 vs. Q1'2023
#1San FranciscoCalifornia+19.8 p.p.
#2New York City (Midtown South)New York+14.2 p.p.
#3AustinTexas+14.2 p.p.
#4SeattleWashington+13.4 p.p.
#5Salt Lake CityUtah+13.1 p.p.
#6New York City (Downtown)New York+10.7 p.p.
#7PhoenixArizona+10.6 p.p.
#8ColumbusOhio+10.6 p.p.
#9Raleigh-DurhamNorth Carolina+10.4 p.p.
#10New York City (Midtown)New York+10.4 p.p.

San Francisco has been hardest hit, with vacancy rates climbing by 19.8 p.p. in just over three years. Meanwhile, New York City has added over 16.8 million square feet, equivalent to 293 football fields, of new office space since Q4’2019 between its three most vacant neighborhoods.

However, not all of the cities with the most vacant offices are huge metropolises. Urban areas like Austin, Columbus, and Raleigh-Durham have also seen massive increases in their office vacancies, but their increasing rates may be blamed more on new construction and oversupply than to falling demand.

The Office Real Estate Market

At the national level, the supply of new office real estate has been dropping steadily since Q1’2022, down by a whopping 67% year-over-year.

Vacant offices over time

Overall, it looks like U.S. office buildings are not as bustling as they once were, but there still may be opportunities for the office real estate market in growing cities.

Click for Comments

Retail

The World’s Top Retail Companies, by Domestic Revenue

As price pressures and e-commerce reshape shopping behaviors, we show the top retail companies by domestic revenue around the world.

Published

on

This circle graphic shows the world's top retail companies by domestic revenue.

The World’s Top Retail Companies, by Domestic Revenue

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

The retail sector plays a vital role in powering economies, contributing $5.3 trillion annually to America’s GDP alone.

Moreover, the industry is America’s biggest private-sector employer, responsible for one of every four jobs, or 55 million employees. Yet in today’s challenging consumer environment, retailers are facing higher e-commerce penetration and inflationary pressures—across an industry notoriously known for razor-thin margins.

This graphic shows the world’s top retail companies by domestic revenue, based on data from the National Retail Federation.

Methodology

To be included in the rankings, companies must engage in a goods-for-consumer resale business accessible to the public and have direct selling operations in a minimum of three countries.

The rankings include both publicly and private companies, and are based on the most recent 52-week period analyzed by the National Retail Federation between January and March 2024. All revenue figures were converted to U.S. dollars.

Ranked: The Top 10 Global Retailers by Domestic Sales

Here are the leading retailers worldwide based on domestic sales as of 2023:

RankingRetailerDomestic Retail Revenue
(USD)
Share of Total Retail RevenueHeadquarters
1Walmart$532.3B85%🇺🇸 U.S.
2Amazon.com$250.0B70%🇺🇸 U.S.
3Costco$175.4B75%🇺🇸 U.S.
4The Home Depot$142.0B94%🇺🇸 U.S.
5Walgreens Boots Alliance$105.1B89%🇺🇸 U.S.
6Alibaba$91.5B97%🇨🇳 China
7Apple$70.9B87%🇺🇸 U.S.
8Aeon$64.3B93%🇯🇵 Japan
9Schwarz Group$56.5B32%🇩🇪 Germany
10Rewe$55.5B75%🇩🇪 Germany

Walmart towers ahead as the world’s largest retailer with $532 billion in domestic revenue—more than Amazon.com and Costco combined.

Known for its everyday low prices, Walmart achieves a competitive advantage through pricing goods approximately 25% cheaper than traditional retail competitors. Overall, groceries make up more than half of total sales. While its main customer base is often low and middle-income shoppers, the retail giant is seeing a surge in sales from higher-income customers as shoppers seek out lower grocery prices.

E-commerce giant, Amazon, is the second-biggest retailer globally, commanding nearly 40% of online retail sales in America. Since 2019, the number of Amazon employees has grown from 800,000 to over 1.5 million in 2023.

While the company has tried to introduce online grocery platforms to the market, it has largely fallen flat given its clunky system in a highly competitive market.

Like Amazon, China’s e-commerce juggernaut, Alibaba, stands as a leading global retailer. Overall, 97% of revenues were generated domestically through online marketplaces Taobao and Tmall. In recent years, the company has focused on international expansion, delivering products to 11 markets including America, in just five days.

Continue Reading

Subscribe

Popular