Forecast: Valley Office Sublease Space will Continue to Grow

By Corina Vanek | Phoenix Business Journal

After a major increase in the amount of office space available for sublease in the Phoenix area, real estate experts from JLL expect that amount to only grow due to the coronavirus pandemic.

Companies that leased space anticipating growth, or those that have moved large portions of employees to working from home might put space up for sublease to test the market, according to JLL’s second quarter office report.

Nearly 315,000 square feet of Class A office space in the Valley became available for sublease during the second quarter, with a large portion coming from USAA’s decision to move employees to remote work.

However, most of the space that was vacated was due to planned move-outs, not the coronavirus, according to the report.

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