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Seattle Suburbs Boast Greater Share of Sublease Space

Cushman & Wakefield’s new report, Sublease Space at a Glance found office sublease space increased by 80 percent overall in the 83 North American markets studied last year. However, the rate of increase did slow in the fourth quarter compared to the third quarter.

Total sublease vacancy climbed to 124.2 million square feet by the end of fourth quarter 2020, surpassing the Great Financial Crisis peak, but remained below dot-com recession levels. Sublease space in 2020 accounted for 14.1 percent of total vacancy compared to 9.4 percent at the end of 2019.

In Seattle, a larger and predominantly urban market where most office inventory is located within its Central Business District (CBD), sublease space comprised 23.3 percent of overall office vacancy. Notably, a considerable amount of its vacant sublease stock stems from a single tenant relocating to Bellevue. In the more suburban office market of Eastside though also including the Bellevue CBD, sublease space accounted for 33.5 percent of total office vacancy, says the report.


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About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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