The total available sublease space decreased for three consecutive quarters. For the first time since Q4 2021, the sublease market has recorded positive absorption, totaling 330.2K SF.
Over the next 3 quarters, 800K SF of active subleases will expire. And a total of 2.9M SF of active subleases are set to expire before the end of 2025 or 34% of all sublease space on the market.
Sublease trophy spaces and “view” spaces still command pre-pandemic rates. For sublease spaces on floors 25+, the average asking rate is $110.77 compared to $54.18 for floors 24 and lower in CBD Class A buildings.