More Sobering Office Market News

The San Francisco Business Times August 7, 2023 referred to a recent CoStar analysis that found 55% of office leases signed before the pandemic have yet to expire, which could spell a lot more office vacancy grief as corporations downsize on renewal or relocate to smaller spaces. ‘”All of the pain we’ve been seeing in the office market, we’re realistically only halfway through and are still seeing that aftershock,” said Joseph Biasi, head of capital markets research at CoStar Risk Analytics.’ ‘All of this adds up to mounting concern in the office world, especially as trillions in loans backing commercial real estate properties — including beleaguered office buildings — will come due in the coming quarters and years.’ On top this sobering news, there is currently 261 million square feet of office sublease space on the market…