Office real estate net absorption fell in the first quarter and then sank in the second as COVID-19 strongly influenced a host of key office leasing metrics, according to Cushman & Wakefield's latest quarterly report on the office sector.
After hitting net absorption of nearly 16 million square feet nationwide in the fourth quarter of 2019, the total fell to 5.2 million in Q1 2020 and then plunged to negative 22.8 million, the report says.
"A total of 65 office markets logged negative absorption, the largest number of contracting markets we have ever recorded," Cushman & Wakefield said in the report.
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Thomas Phillips
Thomas Phillips is part of the social media team at ALM Media.
