Colliers is tracking quickly-shifting market conditions, categorizing critical data and evaluating trends through a unique lens.
Colliers is tracking quickly-shifting market conditions, categorizing critical data and evaluating trends through a unique lens. The Market Pulse will be a valuable resource over the coming weeks and months as companies evaluate their real estate needs and strategies.
- The coronavirus pandemic caused massive layoffs across the US and hit South Florida particularly hard due to its reliance on hospitality and related industries that suffered due to the temporary stop, and subsequent decline, in tourism. Throughout 2020, nearly 40,000 South Florida workers were laid off across roughly 150 companies with almost half of those occurring in the second quarter alone.
- As 2020 came to a close and COVID-related economic challenges and uncertainty lessened, layoffs tapered off in the fourth quarter keeping the number of workers laid off under or close to 1,000 per month, a large improvement from previous quarters that were laying off above or close to 5,000 per month.
- Sublease space provides an attractive alternative to traditional office space in these uncertain times. More than one million square feet of available sublease space in the Broward County office market represents an increase of 12% since the third quarter of 2020 and an increase of 41.6% since the first quarter of 2020 (pre-pandemic).
Download the report to learn about:
- General market trends
- Sublease activity and insights
- South Florida labor and employment statistics