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Renewals Grow Share of 2020’s Biggest Office Leases
Renewals claimed a significantly bigger portion of the largest 100 U.S. office leases in 2020, according to a new report from CBRE. Their 43% share of the combined square footage of those 100 leases rose from 33% in 2019.
The cumulative square footage of those big leases–29 million square feet–declined 32% year over year. Similarly, the average size of leases in the largest 100 slipped to 290,000 square feet in 2020 from 422,000 square feet in 2019.
“Office leasing was tentative last year for well-known reasons,” said Whitley Collins, global president of CBRE Advisory & Transaction Services. “Activity likely will perk up in 2021 along with the continued rollout of COVID-19 vaccines, an improving economy, and a gradual return to the office by a growing number of workers.”
Manhattan and Washington, DC led share of the largest 100 office leases by square footage at 21% and 17%, respectively.
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