Direct average asking office rents fell 5.2% in Q4 2020, the first time in a decade the market has had three consecutive decreasing quarters. The overall market average is $76.47, bringing the total year-to-date decline to 13.3%.
Increased supply, primarily from sublease additions, persisted through Q4 2020 and resulted in rising vacancy and availability.
With 14.0 million sq. ft. of available space sitting vacant, occupiers have many options as they deliberate a broad range of real estate strategies related to the pandemic.