The US office market's recovery from the pandemic is facing several challenges, starting with the uncertainty of when or whether employees will return to work. Another significant headwind will be the dramatic increase in sublease space that now sits on the market.
A new report from Cushman & Wakefield shows just how significant this increase has been: office sublease space increased by 52% in the US in the first three quarters of 2020 to reach around 95 million square feet.
In some markets sublease space more than doubled and ended Q3 above 700,000 square feet. Sublease space increased the most in San Francisco (+488%), Nashville (+211%), Seattle (+182%), Pittsburgh (+174%), Austin (+160%) and Kansas City (+136%).
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
