Most of the Western U.S. office markets surveyed for this report continued to see office vacancy rates above the national average of 19.4% throughout June. The highest market vacancy rate in the region last month was in northern California: office space in San Francisco was 27.7% unoccupied in June, following a year-over-year vacancy increase of 230 basis points. Meanwhile, Phoenix office market sales close below the national average.

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Other key highlights:

San Diego office space logged the largest 12-month vacancy increase in the region — 500 basis points since June 2024, to nearly 23% vacancy last month.

The Bay Area topped the list for sales through June , both in terms of total dollar volume (nearly

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