Posts by Hughes Marino

National Office Market—Past, Present & Future

Hughes Marino on October 07, 2021

COVID-19 had the most dramatic effect on increasing office availability rates in 2020 than any time since the 2000 Tech Wreck. While the Tech Wreck availability uptick was related to a collapse of the financial markets and the tech sector generally, whereby hundreds of millions of square feet of office space across the country came back to market through tenant defaults, the 2020 increase was caused by corporate America either relinquishing its office space as leases expired or putting unprecedented amounts of office space on the market for sublease. The chart below identifies the major US office markets pre-pandemic availability rates as compared to today.