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.
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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