The office sublease market has continued to thin, with vacancy declining for a third consecutive quarter and edging down to 3% of existing sublease inventory, JLL said in its Q2 2024 Market Dynamics report. Office sublease vacancy fell to 144 million square feet.
"Higher-quality subleases have attracted new tenants quickly," JLL added. "More than 75% of the subleases signed in the second quarter were listed in 2023 or 2024, despite comprising roughly 40% of all sublease availability."
Sublease absorptions reached their highest level since the pandemic with 5.8 million square feet of subleases signed, while the level of new sublease inventory coming on the market has dropped by a third compared to the first half of 2023.
Continue Reading for Free
Register and gain access to:
- 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
© 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.
