Skip to main content Skip to footer

2022 Q1 Sublease Report Colliers

Download Report
1Q22 SiteCore6

Sublease Space at Near-Record High

The office sublease inventory remains high at the beginning of 2022. The overall sublease space available reached 1.3 million square feet (MSF) this quarter, the highest available space recorded in recent history. The largest increase was in the Earth City submarket with an additional 86,480 square feet (SF). This is due in large part to Magellan Health Services vacating an additional 103,500 SF at their corporate building making the entire building of 232,000 SF available for sublease. Prior to 2022 Magellan was previously marketing 120,000 SF of sublease space. The entire suburban market saw an increase of nearly 150,000 SF of sublease space over the last quarter. This trend has been consistent throughout the office market as many occupiers transition to the hybrid working environment which is creating a challenge in backfilling these subleases due to such low demand. This record high availability is opening the doors to some office users who may have been priced out of high-end space in the past.  Rental rates for sublease space are averaging close to $19.00 per SF, full service and nearly 75% of these spaces are Class A buildings. However, subleasing can be a challenge for some tenants as often the remaining lease term is too short or there are minimal dollars available for any tenant improvements. 

1Q22 Sublease

2022 Q1 Sublease Report Colliers

Download Report
Related Experts

David Holtzman

Research Analyst

St. Louis - Clayton

View expert

Molly Mastin

Senior Director - Marketing & Research

St. Louis - Clayton

As Senior Director of Marketing & Research in St. Louis, Molly is responsible for the implementation of the Colliers International brand standards, oversight of the creation and development of marketing-related materials, and strategic marketing initiatives. She specializes in new business proposals, client presentations, event planning and property marketing.

Molly has worked in the commercial real estate industry since 2003. She has been involved in a wide range of responsibilities in both the marketing and research departments. Prior to joining Colliers International, Molly worked as the director of marketing and research with Gateway Commercial, a Cushman & Wakefield affiliate. She is a licensed salesperson in the state of Missouri.

View expert