National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Office Market Recovery Takes a Step Back in August
The ongoing recovery of the 12 largest U.S. office markets lost momentum in August amid renewed concerns about the spread of COVID-19 variants, according to CBRE’s latest “Pulse of U.S. Office Demand” report. Fewer tenants were in the market, and leasing activity dipped. However, one lagging measure – availability of office space for sublease – improved for the second consecutive month.
“We saw a small-to-modest slowdown in tenants seeking space and for signed leases in August,” said Nicole LaRusso, CBRE senior director of research & analysis. “Transactions that were close to completion continued forward, despite the unfortunate rise in infections and related delays in return-to-the-office plans.
“The good news is that sublease availability didn’t increase in the wake of the latest increase in COVID cases,” she continued. “This is welcome news, because the sublease situation is perhaps the biggest hurdle for markets to overcome on their way to full recovery.”
- ◦Lease
- ◦Economy
