Over 1.2 billion Square Feet of Office Space Now Available in the U.S.!

This may be a new record for the most office space, both direct as well as for sublease, in the United States, according to Avison Young. This is 23.7% of the office inventory in the country. Some positive trends that may improve office Landlord’s assets in this Bisnow April 8, 2024 article, “Swaths of layoffs in the last two years, particularly in the tech sector, have shifted the balance of power between companies and workers, AY reports.  The ratio of employee quits to layoffs, a metric tracked by the Bureau of Labor Statistics, was as high as 3.1 in 2021. In Q1, it came in at 1.2, pointing to a more difficult labor market for employees. Many in CRE have argued that such a shift could provide companies with more leverage to get workers back to the office.”  Still, we have a tremendous amount of available office space any way you slice it!