Companies Dump US Office Space at Record Rate
<span style="font-weight: 400;">Companies are dumping record volumes of office space into the sublet market, showing a potential warning sign on the long-term health of the office buildings that make up the bulk of American real estate.</span> <span style="font-weight: 400;">Sublease inventory am
Published -
Dec 26, 2020 4:14 AM
Companies are dumping record volumes of office space into the sublet market, showing a potential warning sign on the long-term health of the office buildings that make up the bulk of American real estate. Sublease inventory amount in many U.S. markets is at or above levels reached following dotcom collapse and 2008 financial crisis, brokers say with hopes it will grow more. This development – coupled with a wave of recent announcements from companies such as Bank of America and Salesforce they’ll need less office space as more employees work from home – leads some analysts to conclude that the damage to the office market from the coronavirus pandemic will not be fully repaired even when the economy will heal.