- 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.
January 24, 2024
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