Far more office tenants reduced their office space usage than leased space nationwide in Q3, resulting in massive negative net absorption for the quarter. The drop followed a similar slump in the second quarter. Different companies calculate the total differently, but they all point downward in a big way.
Cushman & Wakefield puts Q3 net absorption at
negative 41.3M SF, by far the largest decline in occupancy since the
company started collecting data in 1995. Absorption was negative 23M SF
in Q2, making the year-to-date total well over 60M SF...
...moreRSK: As mentioned earlier WFH is cutting into the space companies need right now...but that will change.
Ken Notes: Since many leases are long term, this trend may unfortunately continue for several years.
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- - Volume: 8 - WEEK: 47 Date: 12/3/2021 6:11:40 PM -