Research and Forecast Snapshot
Today, we are pleasantly surprised at the amount of this square footage that has been absorbed by other users. As it stands, vacancy has moved up but not as much as we anticipated. This is due in part to proactive landlords who have responded with concessions and slightly lower base rental rates. Tenants remain extremely focused on each detail of their new leases and are demanding flexibility in the form of shorter terms, termination rights, and pandemic clauses.
The work from home phenomenon is far from being figured out and we continue to see companies downsize or eliminate space completely. On the bright side, those shedding the most space seem to be young, tech-oriented companies, which contrasts positively with the broad-based shift we saw this time last year.
Download the full report below.