Mixed Signals On The Office Market Recovery
On the one hand we are hearing about major tech companies announcing a phased return-to-the-office, with announcements by most of the big boys like Facebook, Salesforce and Google. On the other hand, Airbnb just announced today it was expanding its sublease inventory to 438,000 square feet, which adds 287,000 square feet to its previous space put on the sublease market. There have been several 100-200,000 square foot office leases and subleases signed during just the past few weeks in San Francisco but with an inventory of 9.5 million (and growing) square feet of office space for sublease, this region of the world is not yet seeing a market recovery.
