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ARTICLE · 29 AUGUST 2020

Available Sublease Space Continues To Grow

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Since COVID-19, offices have sat empty in major cities around the country. As this has happened, the amount of sublease space on the market has grown exponentially.

United KingdomFinance and Banking
Vasiliki Yiannoulis
Vasiliki Yiannoulis
W. Stephen Wilson
W. Stephen Wilson
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Since COVID-19, offices have sat empty in major cities around the country. As this has happened, the amount of sublease space on the market has grown exponentially.

In New York, coworking groups and others have given back "hundreds of thousands of square feet of space to landlords, with more expected in the coming months," according to a client report from Withers attorneys Vasi Yiannoulis-Riva and Steve Wilson.

Available space increased by 521,525 square feet in New York over the second quarter, according to Newmark Knight Frank.

"Companies are reassessing their needs and their footprint," says Yiannoulis-Riva. "A lot of them are breaking their leases or giving space back. So we're expecting to see a lot of things come onto the market in New York, particularly this coming quarter."

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