Michael Arnold Michael Arnold

We hear a lot that this is a landlord’s office market, but tenants might have more bargaining power than they think to combat rising rents. According to research from NAI Capital, there is currently more than 5 million square feet of sublease space on the market—including more than 1 million square feet of sublease space on the Westside. The sublease supply paired with a double-digit vacancy rate is giving tenants a strong bargaining chip both when renegotiating leases and when looking for new space.