As 2020 closed out, the pandemic’s negative impacts on the office market were
evident. The overwhelming majority of businesses and office users have been
operating virtually, and it is likely many of them will continue to do so. The impact
to the office market has been significant, as total available space increased 40%
from Q4 2019 to 13.9%. This increase is primarily due to the sublease space on
the market, and as lease terms begin to expire, we expect this number to continue
to rise for several years.