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US OFFICE MARKETBEAT REPORT Q4 2020

Commercial Real Estate Services » US OFFICE MARKETBEAT REPORT Q4 2020

On January 15th, 2021

Posted In:
Market Reports

US OFFICE MARKETBEAT REPORT Q4 2020

ECONOMY:

Although the recession that began in March 2020, triggered by COVID-19, was short and steep, its impact was still being felt in the U.S. office market through the fourth quarter. After economic activity had collapsed at a record pace in Q2, it rebounded almost as sharply in Q3. By the fourth quarter, the pace of recovery had slowed some, and by most measures, economic performance was still below pre-recession levels. Although optimism that the economy would recover improved during the quarter as effective vaccines were approved and began to be distributed, the number of new COVID-19 cases continued to rise and occupiers continued to shed space, pushing up vacancy. In addition, the amount of sublease space on the market had risen sharply—a phenomenon which has put downward pressure on rents in the past.

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bakersfield office

5060 California Ave
Suite 1000
Bakersfield, Ca 93309
(661) 327-2263
Brokerage License # 01919464

boise office

999 West Main Street
Suite 1300
Boise, ID 83702
(208) 287-9500
Brokerage License # LC45095

fresno office

9 River Park Place East
Suite 101
Fresno, Ca 93720
(559) 433-3500
Brokerage License # 01919464

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