COVID-19 echoed through the third-quarter regional office market as businesses remained closed. Office occupancy fell, sublease space on the market jumped.
The impact of COVID-19 reverberated through the Los Angeles County office market in the third quarter as many businesses kept employees at home and managers put off decisions about their future space needs.when occupancy fell by 1.9 million square feet, real estate brokerage CBRE said.
“Leasing activity is well below pre-COVID levels,” CBRE broker Todd Doney said. “A big majority of deals getting done are short-term lease renewals, sort of kicking the can down the road.”The market has also seen a burst of sublease space offered by tenants looking for some income by renting out space they’re paying for but not using, a common occurrence in a struggling economy. About 2 million square feet of sublease space has hit the L.A. market since the pandemic started, Doney said.
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