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Sublease space is entering the office market this year at a much slower rate than in 2020, according to a new report from Cushman & Wakefield, and all signs are pointing toward a continued decline in growth. 

About 11.7 million square feet of vacant sublease space was listed in the first quarter of this year, a decrease from the 16.4 million square feet added in the fourth quarter of 2020. For the sake of comparison, 19.4 million square feet was added in the third quarter. Of the 138 million square feet of negative absorption that has occurred during this economic cycle, 41%or 56 million square feetwas related to the increase in vacant sublease space.

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