Leasing Forges ahead Despite an Increase in Sublease Availability
- Absorption was positive this quarter with companies such as First National Bank and LendingTree moving into their respective buildings.
- Vacancy increased to 12.8% as over 2 million SF of office space delivered in Q2, 2021.
- Rental rates continue to steadily climb as tenants and users look to return to the office.
- Sublet space increased by 5 basis points, while companies continue to shed excess space.
A Note Regarding COVID-19 - As we publish this report, the U.S. and the world at large are facing a tremendous challenge, the scale of which is unprecedented in recent history. The spread of the novel coronavirus (COVID-19) is significantly altering day-today life, impacting society, the economy and, by extension, commercial real estate. The extent, length and severity of this pandemic is unknown and continues to evolve at a rapid pace. The scale of the impact and its timing varies between locations. To better understand trends and emerging adjustments, please subscribe to Colliers’ COVID-19 Knowledge Leader page for resources and recent updates.