Driven by a combination of continued remote working, workforce reduction and economic uncertainty, it’s not surprising that 80 percent of markets tracked by real estate services firm Transwestern have reported an increase in sublet office space in recent months.
“Nationally, the sublease availability rate is 0.9 percent or 163 million sq. ft., as of third quarter 2020, which is comparable to the 0.8 percent (of total available inventory) or at 137 million sq. ft. reached during the 2009 recession,” notes Elizabeth Norton, senior managing director of research services with Transwestern.
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