Think there is a tenant's market right now? Stay tuned. As the nation begins to climb out of the depths of the COVID-19 crisis, landlords will "battle" over office tenants, according to a new report from Vestian, creating a tenant's market unlike any other over the past few decades.
The office marketplace will be "littered" with millions of square feet of available space, providing opportunities tenants haven't seen in more than 30 years, the report says.
Class A office will have the toughest time, as Vestian predicts availability will rise to the 15 to 20% range in top markets and additional vacancies cropping up as leases expire and tenants pare down their real estate footprints. In top metro areas, availability may hit 20 to 25%, creating "huge ripples" across office markets and CBDs.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
