Office leasing continued to struggle in the first months of 2021, according to a report from Savills research.
In Q1 2020, leasing totaled just two million square feet. That was a 49.1% decline from the four MSF in Q1 2020 and 42.4% lower than the previous five-year quarterly leasing average of 3.5 MSF. Q1's total was also below the 2.1 MSF of leasing activity reported in Q4 2020.
Still, there were some glimmers of hope in Q1, in addition to mass vaccinations and the economy reopening. Beyond Meat and the County of Los Angeles signed large leases in El Segundo and Torrance, respectively. Additionally, Savills Research reported that space touring has increased, and leasing activity is expected to follow as the year goes on.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
