Sublease Office Space Plentiful
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A recent article in the NuWire Investor describes the state of the sublease office space availability throughout the US. In a word, plentiful. In fact, Cushman and Wakefield has pegged the amount of available sublease space at 10.3 million square feet at the end of the first quarter. Cities experiencing the largest increases in sublease office space include New York, Chicago, San Francisco, Denver and Boston.
My educated guess is that there is a lot more sublease office space available than is reported. With all the recent layoffs, many companies have probably not had time or been willing to prioritize getting their excess space listed. Many of these companies have more to worry about than a little excess office space. They are trying figure out how to survive.
A word to the wise. If you are considering renting or leasing sublease office space, be careful. There are many pitfalls that need to be navigated to make sure that your sublease will stand up in the event the sub-lessor defaults. Makes sure to work with someone who knows the ins and outs, otherwise you could find yourself with nowhere to house your employees when you get evicted... without any fault of your own.
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