The sublease market exploded during the pandemic. As companies moved employees offsite and shut down offices, they looked to shed unused space through subleasing. Alpha Lease Management CEO Phil Raglin says that the sublease market is going to become a new normal in commercial real estate.

"We believe that subleasing is here to stay, particularly in light of companies' shifting space needs as a result of the pandemic. That said, there are creative ways to sublease that benefit owners greatly and reduce the burden of vacancy," Raglin tells GlobeSt.com.

The company's Tenancy on Demand program helps owners manage and sublease vacant space while taking the owners long-term goals under consideration. "Landlords pay an agreed-upon fee and are in return guaranteed a stable long-term tenant with the expertise to operate the space and add deep value," explains Raglin. "This type of partnership also takes the risk out of each space because we guarantee the long-term lease, which leads to an immediate increase in NOI. The sublease arrangement delivers flexibility to the owner or investor to recapitalize, reposition, or otherwise reinvest the asset."