As office utilization continues to fundamentally shift, and companies continue to evaluate their real estate portfolios, some occupiers have turned to the sublease market as a way to offload unneeded space. Something to consider for tenants facing this dilemma, is the time that space sits on the market, and that has continued to increase, sitting at roughly 26 months in DC, Maryland and Northern Virginia. Some tenants have preferred to locate in sublease space due to the general move-in ready nature of these offerings, and the general flexibility offered as well. Despite this, more space is hitting the market than is being taken down by new tenants at present.
November 1, 2023