Of all the sublet space that flooded the office market in the downtown core since 2020, only 15% transferred back to the landlords’ direct available inventory upon expiration of sublet term.
In fact, building-level historical data indicates that 85% of the sublet space that was put on the market during this period was either taken back by the sub-lessor or rented by a sub-tenant.
Sublet availability – space leased by tenants - has remained stable since 2020 whereas direct available space - space leased directly by property owners and / or managers - increased. After having peaked at 15% at the end of 2020, sublet as a percentage of total availability now sits at 8.5%.
