Over recent years, office tenants have preferred leasing directly from landlords, particularly in top-rated buildings. This trend may shift in the year ahead, according to recent market data.
Sublease listings have captured a growing share of leasing activity in four- and five-star office buildings. Activity levels have approached the upper end of pre-pandemic norms. At the same time, the share of sublet availability in these buildings appears to have peaked.
While the changes have been modest, a shift in momentum is suggested. This trend could influence office leasing behavior moving into next year.
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