Tenants Vacate Records Amount Of Sublease Space

This was  the headline of a Bisnow report from a few days ago, citing 42 million square feet of new subleases hitting the market with 73 U.S. markets reporting negative absorption. Then the next day the Colliers ‘Disruption 2020: Office Sublease Continues To Rise, reporting that sublease space is 30 million higher than it was at the peak of the Great Recession. Today’s news was Dropbox and Glassdoor dropping big sublease space on the San Francisco market, with 472,000 sf of contiguous space. San Francisco now has 7.2 million square feet of sublease office space.  Great time to be a bargain-hunter if you need space, and the news is not all bad…in many cases companies are very successful with working from home, so if they can save money by unloading unneeded space, why not…meanwhile, yesterday Facebook leased 226,000 sf in Fremont, California so all is not gloom and doom!