Q2 2020 Florida Office Sublease Market
Cushman & Wakefield is actively tracking the sublease market throughout the state including affected industries and local submarkets. At this critical point during the pandemic, companies are assessing their office space needs in light of current economic conditions. In previous economic downturns, a dramatic increase in sublease space in several markets came about as companies looked to shed excess space as headcount is reduced. Florida experienced a 15% increase in sublease space since March when the COVID-19 pandemic shocked the economy. Broward and Orlando had the largest increases at 58% and 45% respectively. A larger spike in sublease space could occur in the next few quarters as it looks more and more likely that the economy will not see stabilization and improvement till later in the year or in 2021.
