As Boston Metro businesses adjust to changing needs in staffing, subleasing is becoming a popular option. Boston Bisnow reports that subleased office space in the Boston Metro reached a 10-year high during the second quarter of 2020.
The sectors giving up the most square footage include financial services, technology firms and marketing companies. The amount of subleased space available could reach 2 million square feet within the coming months.
Prior to the pandemic, the office vacancy rate in Boston was an enviable 7.9%. Given the long-running demand for prime office space in the Boston Metro, the current shift in occupancy represents a balancing of the market rather than a complete rout.
Other major metros in the U.S. are experiencing similar subleasing trends. San Francisco’s sublease inventory now accounts for 41% of the city’s total office space, according to CBRE. New York City’s sublease availability has also grown, but like Boston, ongoing demand has kept the office market relatively stable.
For tenants seeking office space in the Boston Metro, the growth in subleasing could offer uncommon opportunities! Generally, subleasing can open up very desirable locations with attractive amenities, while making them accessible at less cost. However, subleased space can have its drawbacks. It is important to carefully review the terms, fees and restrictions built into sublease agreements. Better yet, be sure to obtain professional tenant representation!
When you are ready to begin, relocate or expand your business, team up with the Jay Nuss Realty Group, LLC! Whether you are thinking of buying, leasing, or investing in Boston Metro commercial real estate, we can help you find the ideal property.
Contact us today for expert guidance!