Q3 2020 Florida Office Sublease Market
Florida Sublease Office Market
Cushman & Wakefield is actively tracking the sublease market throughout the state including affected industries and local submarkets. 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 22% increase in sublease space since March when the COVID-19 pandemic shocked the economy. Orlando and Broward had the largest increases at 56% and 40% respectively. As companies continue to evaluate their real estate footprint and potentially downsize, more sublease space is anticipated to hit the market in the next few months.