Office space available for lease in the U.S. is at a record high, data shows.
Office space available for lease in the U.S. is at a record high, according to data from CoStar.Remote work is already crushing the office market, and the data is a sign that the distress is going to get worse — vacancies,Looking at office availability is different from looking at office vacancy rates. Availability doesn't just look atoffices. It includes occupied office space where the tenant notified the landlord they won't be renewing.
13 tech companies in San Francisco have 3.5 million square feet of office space available for sublease, including Salesforce, Airbnb and Meta, according to data cited in the— the amount of space available for sublease — that's jumped up in the wake of the pandemic. Over the last three years it's been "piling up and up and up," said Phil Mobley, national director of office analytics at CoStar. "There's a strong likelihood that much of that is going to convert into vacancy when the original lease term expires."
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