While many businesses are back to 100% capacity in the office, many remain at limited capacity, and several have adapted to the hybrid model indefinitely – causing an uptick in sublease space nation wide.
Approximately 796,000 or 11.5% of available space market wide is for sublease, with the lion’s share of available sublease space in the Northwest submarket.
Market movement remained stable across the board with over 28,000 sq. ft. of positive net absorption market-wide.
Three speculative buildings delivered in Q3 2021, totaling over 240,000 sq. ft. market wide. 31.7% of the delivered product was pre-leased upon completion.