There are more dormant office towers in the United States than at any point since 1979, according to a new report from Moody's Analytics, which began tracking office leasing vacancies that year. 

The rising supply of office space is due to a combination of surging remote and hybrid work that forces companies to reduce corporate footprints. Also, companies are exiting imploding progressive cities and high-taxed blue states for red ones while downsizing space. 

In the report, office tower vacancies rose to a record 19.8%, up from 19.6% in the fourth quarter of 2023.