by Wolf Richter
Wolf Street
“Sublease Pandemic?” Office leasing activity plunged or collapsed, depending on city, even as companies dumped huge amounts of suddenly unneeded office space on the sublease market.
In the third quarter 2020, the commercial real estate segment of office space in Houston, Manhattan, Chicago, San Francisco, and Los Angeles – each representing a different area of the US with different economic dynamics – has gotten hit hard by the stunning shift to work-from-home (WFH) and the sudden corporate realization that, after years of hogging all available office space for future use, they need to get rid of this space.