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Florida Office Sublease Market Report Q3 2020

Chris Owen • 11/19/2020
Florida has experienced a 22% increase in vacant sublease space since the Covid-19 pandemic shocked the economy in March. 

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Orlando and Broward County had the largest increases at 56% and 40% respectively. Vacant sublease space in Class A assets make up the bulk of the space accounting for over 1.5 msf, or 67% of the total.  The Non-CBD markets throughout the state have the most vacant sublease space accounting for 77% of the total, or over 1.8 msf. The pandemic has caused many companies to consider a new hybrid working schedule where employees have the option to work from home or come into the office 2-3 days per week.  As companies continue to evalute this new hybrid schedule and potentially downsize, more sublease space is anticipated to hit the market in the next few months.

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