During 2020, national office sublease space increased by 80 percent overall, according to Cushman & Wakefield. The firm recently released “Sublease Space at a Glance”, a report that examined sublease trends in 83 markets across North America.
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 at 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 Houston, both the CBD and suburban markets recorded a decline in sublease vacancy in 2020. The city was one of 10 markets that shrank sublease figures year-over-year, taking the top spot with -.071 million square feet of supply. As of fourth quarter 2020, a total of 46.29 million square feet was available, of which 3.51 million square feet was sublease space (roughly 1.8 percent of total inventory), says Cushman & Wakefield.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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