Office relocation lease terms are over 34% longer than renewals in the U.S.

graph of office relocation and renewal lease term lengths in the U.S. from January 2011 to the end of 2023
  • Pre-COVID, the length of lease terms for relocations vs. renewals remained relatively close, with the gap widening in the years leading up to COVID and throughout the pandemic.
  • Throughout 2023, tenants continued to navigate the market with trepidation, with relocation lease term lengths down 11.3% since the pre-COVID high.
  • The vast amounts of sublease space and other flexible options have also contributed to this trend.

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