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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.”
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