Market trends tracked by Cushman & Wakefield of Florida Inc. show a 50.3% increase in the year-to-date availability of sublease space over the amount on the market as of Dec. 31 last year.
In the exclusive Brickell Avenue submarket, for instance, local affiliates of Madrid, Spain-based Telefonica S.A. are vacating around 60,000 sf of class A product.
"The sublease space that is now coming to the market is about business reacting to the aggregate business environment," Doug Campbell, a Cushman & Wakefield senior director who specializes in office properties, tells GlobeSt.com. "This could include companies that are downsizing to companies planning a total relocation from the area."
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