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.
Read more at GlobeSt.com.
NEWS TICKER
- [April 19, 2024] - Luxury Golf Resort and Amenities Planned in Bullhead City
- [April 19, 2024] - Mesa P&Z Recommends for New Hotel, Retail Development
- [April 19, 2024] - Prologis Planning 5-building Industrial Park in Goodyear
- [April 19, 2024] - Backlogs Up, Confidence Improves in March
- [April 19, 2024] - Arizona Projects 04-19-24
- [April 17, 2024] - Peoria Wants 8,300 Acres of State Land
- [April 17, 2024] - Payson Partners with Developer for More Affordable Housing
- [April 16, 2024] - LGE Q2 Report Optimistic on Phoenix Construction Direction