As the COVID-19 pandemic set in last spring, office occupiers were presented
with enormous uncertainty about the future – especially in the near-term. This
unpredictability resulted in a dearth of new deal volume, replaced in part by
short-term renewals allowing tenants to delay decisions on major
transactions. The number of short-term renewals in all size ranges increased
by 46% in 2020 compared to 2019. Figure 1A explores the drop in new deal
volume while Figure 1B shows the change in renewals.