Sublease Space Up 39% to 300%

(Crystal Proenza is associate editor of Real Estate Florida.)

WEST PALM BEACH, FL-A second-quarter special report by Jones Lang LaSalle indicates that sublease space is on the rise in major office markets throughout the country, but has not escalated beyond the decade’s peaks. Those peaks are qualified as taking place from 2001 to 2004, during the market’s last downturn triggered by the dot-com bust.

The report singles out South Florida as the hardest-hit market, with increases in sublease space ranging from 105% to almost 300% compared with last year at this time. Nationally the total is up only 12.3% from 44.8 million sf last year to 50.3 million sf.