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The 100 largest office lease transactions last year totaled 29 million square feet, 32% lower than in 2019.
The vaccines helped to fuel retail spending at the end of the year, giving investors a reason to re-enter the market.
Due to widespread job loss, more than 9 million Americans have racked up a rent debt bill.
Rent deferral was the most popular option, followed by rent reduction, rent abatement, early lease termination, applying a security deposit toward rent and downsizing to a smaller space.
Several new employment laws in California could hamper office demand even after the stay-at-home orders are lifted.
The Tampa market has fared well through the pandemic, but at the end of the year, the market saw some softening in office leasing activity.
A 4,000-square-foot pop-up collaboration between Gucci and North Face in New York City signals a rebound of the luxury retail market.
Leasing activity slowed at the end of the year, but it wasn't enough to offset the strong leasing activity through the pandemic.
US office occupancy losses totaled 84 million square feet last year, with more than half of the losses occurring in CBDs.
TerraCap acquired Anchor Centre, a 333,014 square-foot class-A office property in Phoenix.