Nationally, the amount of sublease space increased by almost 24% between Q1 2022 and Q1 2023 among 50 metro areas examined by Moody’s Analytics Inc.
Office sublease space is growing across the United States, but there are key trends that dictate which cities are seeing the greatest increase in space coming to market.
Perhaps unsurprisingly, the Northeast saw the biggest increase in the amount of sublease space listed on the market between the first quarter of 2022 and the first quarter of 2023, an analysis by New York-based Moody’s Analytics Inc. recently found. Among major Northeastern cities, Boston saw the biggest increase in that time period, with its sublease inventory growing 83.2% in that one- year period.
A few markets elsewhere actually saw their sublease inventory decrease in the past year, including smaller Midwestern cities like Wichita, Kansas, which saw its sublease space drop 21.7% between Q1 2022 and Q1 2023.
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Philadelphia Business Journal, June 13, 2023, Ashley Fahey, Editor, The National Observer: Real Estate Edition
