As COVID-19 forced lockdowns across the country, the amount of vacant sublease increased in the first half of 2020, according to new figures from Cushman & Wakefield.
C&W monitored activity across 83 office markets and 92 industrial markets in North America and determined that sublease vacancy generally increased across the office market and minimally throughout the industrial market in the first half of the year.
C&W found that 15 million square feet of total office sublease space was added to the market in the first half of the year. The market experienced a 21.8% increase in total office sublease space, which accounts for 1.4% of total office inventory. As overall space increased, so did the vacancy rate. US sublease vacancy is 10.5% of total vacancy, which is an increase over the 9.2% posted in Q4 2019
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
