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Record Office Lease Expirations Loom, Forcing Companies to Set Footprints

Leases for 243 million square feet of office space are expiring this year, with many tenants opting for less space and hybrid work.

By Jack Rogers | April 19, 2022 at 08:46 AM

Leases for 243 million square feet of office space are due to expire this year, the largest amount to hit the market since JLL began tracking expirations in 2015, forcing companies to decide on their office footprints while trying to anticipate how many workers ultimately will return to the office.

The deluge of expirations, nearly 11 percent of the overall office space in the US, has building owners—and banks holding their loans—sweating out a reckoning that did not occur during the worst part of the pandemic, when people chose to work from home and offices emptied, due to long-term leases that forced tenants to continue paying office rents.

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