The amount of office space offered for sublease in the 10 largest U.S. office markets has increased by 12 percent since the COVID-19 pandemic forced a shutdown of local economies in March, according to CBRE.
Office space offered for sublease increased by 6.1 million square feet in those 10 markets since March to total nearly 59 million square feet in June. Some of the biggest increases have come in markets with significant technology employment such as Boston, Denver and San Francisco. Tech companies tend to keep extra space to accommodate quick expansion but then seek to shed it in downturns, reported CBRE.
Markets with smaller increases in office space offered for sublease include several with diversified employment bases, such as Dallas–Fort Worth, Manhattan, and Washington, D.C., as well as Houston, which has expanded its job base in healthcare and technology to supplement its base of energy employment.
“Space offered for sublease is a highly fluid and d
