The US office market is showing continued signs of life as the amount of available sublease inventory declined for the third straight quarter.
Office sublease availability now stands 7.6% below its pandemic peak observed in the second quarter of 2021 and currently accounts for 2.2% of total office inventory, or 122.4 million square feet, according to Cushman & Wakefield data. The firm also noted that improvement in this metric was "widespread," with quarter-over-quarter drops observed in 42 of the 89 markets it tracks.
The markets with the biggest declines in sublease availability year over year include San Francisco (2.7 msf), Boston (1.7 msf), Greater Seattle (1.7 msf), San Mateo County (1.4 msf), and Dallas-Fort Worth (1.2 msf).
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