- Uncertainty remains high amid pandemic, freezing up demand and stunting activity.
- Marketwide vacancy increases to 14.7%—its highest level since 2012.
- Net absorption negative for second quarter in a row, totaling negative 68,535 sq. ft. year-to-date.
- Reductions in office utilization drive sublease availability up 57% since March 2020.
- Annual new completions approach record and partially offset negative activity.
- Cautious hope for recovery contingent upon resolution of COVID-19 crisis.