U.S. Office Leasing Ebbs for Second Consecutive Month
February saw the second consecutive monthly slowdown in office leasing nationwide, CBRE reported. However, the number of companies actively looking for new space indicates that leasing activity could pick up in the coming months, according to CBRE’s monthly “Pulse of U.S. Office Demand” report.
Leasing slowed markedly in February as companies delayed decisions on long-term commitments, likely due at least in part to COVID-19’s omicron variant. Meanwhile, two other metrics held steady: sublease availability remains at nearly half its pre-crisis amount and activity by companies looking for new space maintained an encouraging pace.
“Uncertainty in the market from either the pandemic, inflation or geopolitical events can have a cooling effect on office-market activity,” said Julie Whelan, CBRE’s global head of occupier research. “There is cause for optimism, though, that the sustained level of activity by companies seeking new office space will translate to more leasing activity in the months ahead.”
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).
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