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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.” 

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Inside The Story

CBRE’s LaRusso

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Lease
  • ◦Economy
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