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Florida Office Sublease Market Report Q2 2020

Chris Owen • 8/18/2020
Cushman & Wakefield is actively tracking the sublease market throughout the state including affected industries and local submarkets.

Florida Office Sublease Market

At this critical point during the pandemic, companies are assessing their office space needs in light of current economic conditions. In previous economic downturns, a dramatic increase in sublease space in several markets came about as companies looked to shed excess space as headcount is reduced. Florida experienced a 15% increase in sublease space since March when the COVID-19 pandemic shocked the economy. Broward and Orlando had the largest increases at 58% and 45% respectively. A larger spike in sublease space could occur in the next few quarters as it looks more and more likely that the economy will not see stabilization and improvement till later in the year or in 2021.

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The self-storage industry has displayed tremendous resiliency amid the COVID-19 pandemic. The third quarter was very positive considering the current state of the market and what results we saw in the second quarter. Rental rates in the market were trending upwards as demand for the product was increasing. Move-in rates were starting to turn positive year-over-year (YoY) and occupancies were at an all-time high across all the REITs with move-outs at a low point.
Mike Mele • 11/19/2020
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Florida Office Sublease Market Report Q3 2020

Florida has experienced a 22% increase in vacant sublease space since the Covid-19 pandemic shocked the economy in March. 
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Florida Industrial Construction Report Q3 2020

Nine months into the pandemic, demand from industrial users accelerated with powerful impacts on all Florida markets. Traditionally, industrial space is the most responsive to immediate changes in the overall economy due to shorter construction timelines and tenants' nimble ability to ramp up or down operations based on demand.
Chris Owen • 11/17/2020

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