By Les Shaver for GlobeSt.com
As COVID-19 forced lockdowns across the country, the amount of vacant sublease increased in the first half of 2020, according to new figures from Cushman & Wakefield.
C&W monitored activity across 83 office markets and 92 industrial markets in North America and determined sublease vacancy generally increased across the office market and minimally throughout the industrial market in the first half of the year.
C&W found that 15MSF of total office sublease space was added to the market in the first half of the year. The market experienced a 21.8 percent increase in total office sublease space, which accounts for 1.4 percent of total office inventory. As overall space increased, so did the vacancy rate. US sublease vacancy is 10.5 percent of total vacancy, which is an increase over the 9.2 percent posted in Q4 2019.
In 35 markets, office sublease space grew by more than 100KSF.
On the industrial side, 12.5MSF of total sublease space was added to the North American industrial market. In the US, there was a 28.7 percent increase in total sublease space added. Sublease space rose from 5.5 percent in Q4 2019 to 6.3 percent by the second half of 2020.
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