The 2021 Q3 Office report from CBRE | Hubbell Commercial has been released, showing that sublease activity is climbing, meanwhile user activity remains largely unstalled.
Per CBRE | Hubbell Commercials' in-house research team, the Q3 net absorption was largely flat at 2,597 square feet as increased sublease availability and continued pullback in leasing activity offset any absorption gains. Year-to-date leasing activity is down 22% in number of new deals reported and 47% in total volume from 2019 levels.
The average deal size is also down 32% over the same period in 2019.
Two projects delivered a combined 102,000 square feet in Q3 - 40% of which was speculative construction. Two spec projects, totaling 146,558 square feet, remain under construction and will both deliver in 2022. Approximately 43% of the space is already accounted for, per reports.
For more details and to see the report in full, visit CBRE Des Moines.
