As we close out 2020 and look towards a (hopefully) very different 2021, many companies are still unsure about what to do about their office space. One growing trend? Subleasing.
As hundreds of businesses choose to downsize or leave their office spaces entirely due to COVID-19, sublease availability in Denver has jumped to record levels. At the end of Q3 2020, there were 4.3 million square feet of sublease space available, a 28.2% increase quarter over quarter. With total construction volume reaching 3.3 million square feet, and only 9% of the 1.4 million square feet of upcoming speculative office space leased, we are likely to end 2020 with a supply that significantly outweighs demand.
Now is the time to take advantage of the market.
If you’re not ready to sign a traditional lease, subleases provide a unique opportunity to secure quality office space. While each sublease has its own unique set of lease terms, many provide discounted rates or additional perks like fully furnished set-ups. It can be a great option to try out a new location or specific building while assessing more long-term solutions for your company.
With a rollout of vaccinations on the horizon and expectations for a new normal by summer, it’s important to think ahead and secure leasing opportunities while they’re still available.