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

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!