U.S. office sublease options dwindle as most markets’ availabilities decline

graph of year over year percent change in sublease space in major U.S. markets as of Q3 2024 in millions
  • Nearly 80% of U.S. office markets have witnessed a decline in available sublease space over the past 12 months.
  • Notably, Chicago (-19%), Seattle (-17%), Dallas (-15%), and San Francisco (-14%) have experienced the steepest declines of major markets, contributing to an overall national total sublease availability drop of 11%.
  • A substantial amount of sublease space entered the market in the wake of the pandemic. However, as the expiration dates for many of these underlying leases approach and much of the high-quality sublease options have already been absorbed, overall sublease availability is expected to continue declining through 2025.

November 26, 2024

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