Even before COVID-19, sublease space was growing.
Sublease space rose 4.2 MSF between Q4 2018 and Q1 2020, according to the Manhattan Sublease Market Overview from Savills. In Q1 2020, 26.2% of available space in Manhattan was sublet space. By comparison, sublet space hit a high 44.2% of total available space during the Dot Com and 9/11 crisis.
Once COVID-19 hit, the sublet space increased dramatically, jumping 61.7%, while available direct space has surged by 50%.
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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.
