An alarming number of leases are poised to expire in the next five years, posing a potential prolonged challenge for the U.S. office market. Recent analysis by CRED iQ, a commercial real estate data, analytics, and valuation platform based in Wayne, Pennsylvania, reveals that over 800 million square feet of office space is slated to expire by 2028. The analysis, focusing on office buildings financed within the commercial mortgage-backed securities market, indicates that approximately 217 million square feet of office space, associated with CMBS collateral, has leases expiring in 2024 or 2025. Subsequently, projections include 92 million and 110 million square feet of office space expiring in 2026 and 2027, respectively, followed by a substantial 415 million square feet anticipated to expire in 2028. These figures contrast sharply with the 21 million square feet that expired in 2023.
*Article courtesy of New York Business Journal
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