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After several years of deep distress, the beleaguered U.S. office market has reached an inflection point. This year, office conversions and demolitions will exceed new construction for the first time in at least 25 years.

Simply put, more office space is being removed than added, shrinking the overall office footprint, according to exclusive new data from CBRE Group . The commercial real estate services firm has been tracking this since 2018, but estimates it may be the first time such a dynamic has played out this century, and likely longer.

CBRE found that across the largest 58 U.S. markets, 23.3 million square feet of space is slated for demolition or conversion to other uses by the en

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