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168.8 Million SF Of Office Sublease Space, 33.5 Million SF of Negative Absorption

Oct 15, 2020 | Posted by Jeff Weil | California Economics, Commercial and Business Insurance, Commercial Real Estate, Commercial Tenant Improvement Contractor, Employment, Newsletter, Office Furniture, Office Space, Pandemic, Real Estate Landlords, Sublease, Technology, Tenant Improvements, Tips for Tenants, Trends, U.S. Economics, Workspace, World Economy |

 

Stephen Newbold, National Director of Office Research for Colliers International reported that in Q3 of 2020 the United States experienced 33.5 million sf of negative absorption and office subleases in the US hit a record at 168.8 million sf. This is more distressing than we experienced during the Great Recession. The bad news was spread equally between urban and suburban markets. Stay tuned, because in my opinion, it will get way worse before it starts to get better…not a lot of positive spin to this…easy parking at office buildings, less lines at the elevator, more lease concessions coming, and working from home for many is a blessing!

 

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Jeffrey Weil, CCIM, MCR.h, SIOR

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  • Colliers International
  • 1850 Mt. Diablo Blvd., Suite 200
  • +1 (925) 279 5590
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Contact Information

  • Jeffrey Weil
  • Colliers International
  • 1850 Mount Diablo Blvd., suite 200
  • CA Lic. 00786195
  • +1 (925) 279 5590
  • jeff.weil@colliers.com
  • www.officetimes.com

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