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San Francisco has seen the largest year-over-year decline in sublease space availability

U.S. Office Sublease Inventory Declines for Third Consecutive Quarter 

U.S. office sublease inventory declined for the third straight quarter and is now 7.6% below its peak in the second quarter of 2021, according to Cushman & Wakefield. At 122.4 million square feet, available sublease space currently represents 2.2% of total U.S. office inventory. 

Improvement in Q1 2022 was widespread, with quarter-over-quarter drops in 42 of 89 of tracked U.S. markets. The markets with the largest declines year-over-year included San Francisco (2.7 million square feet), Boston (1.7 million), Greater Seattle (1.7 million) and San Mateo County (901,891).

“The decreasing amount of sublease space on the market is a good sign that the office market is recovering,” said David C. Smith, Cushman & Wakefield’s head of global occupier insights. “The current trajectory matches the path of previous recessions. After increasing for seven quarters starting in late 2019, sublease availability has begun to steadily recede.”


Inside The Story

Cushman & Wakefield's Smith

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 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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