The long-term nature of office leasing has delayed the market’s adjustment to the changes in office utilization triggered by the COVID-19 pandemic, allowing building owners to maintain some income from existing tenants. However, with the demand for office space still slow to recover, the upcoming lease expiration dates indicate potential challenges for landlords facing lease rollover risk. Most leases active during the first quarter of 2020 have now expired, meaning tenants have already decided whether to renew or relocate. Nationwide, only 20% of office leases that were active at the beginning of April 2020 remain in effect.
For more information about New Jersey, Pennsylvania or New York health care, industrial, retail, office, land or other commercial properties, please call 856-857-6300 or send an email to info@wolfcre.com. WCRE, is a leading New Jersey, Pennsylvania, and New York commercial real estate brokerage firm that specializes in healthcare, office, retail, land, industrial, and investment properties.
WCRE is a full-service CORFAC International brokerage, and advisory firm that provides a full range commercial real estate listings, services and property management services for landlords, owners, investors, tenants and more.
As experts in tri-state region, the WCRE team provides ongoing detailed information about commercial properties to our clients and prospects to help them achieve their commercial real estate goals.
