COVID-19 Uncertainty Remains
Activity levels in the suburban office market are expected to increase as we move into 2021.
Once the general election has been determined and the COVID-19 infections subside, we expect to see a gradual increase in activity. The general sentiment is the suburbs will see moderate population growth over the next several years with families moving out of the city in search of more space and a safe environment to raise children. Employers will need to follow this shift in the demographic to attract their desired talent.
Overall vacancy in the suburbs increased 100 basis points, rising to 23.2 percent since last quarter.
Class A vacancy also increased, rising to to 23.9 percent, up 100 basis points from second quarter.