|Colliers International Palm Beach County Office Sublease Market Pulse | Fourth Quarter 2020|
|Colliers is tracking the quickly shifting market conditions, categorizing critical data and evaluating trends through a unique lens. The Market Pulse will be a valuable resource over the coming weeks and months as companies evaluate their real estate needs and strategies.|
The coronavirus pandemic caused massive layoffs across the US and hit South Florida particularly hard due to its reliance on hospitality and related industries that suffered due to the temporary stop, and subsequent decline, in tourism. Throughout 2020, nearly 40,000 South Florida workers were laid off across roughly 150 companies with almost half of those occurring in the second quarter alone.
As 2020 came to a close and COVID-related economic challenges and
uncertainty lessened, layoffs tapered off in the fourth quarter keeping the
number of workers laid off under or close to 1,000 per month, a large
improvement from previous quarters that were laying off above or close to
5,000 per month.
Total available subleases have decreased to 638,319 square feet, a decrease
of 8.6% since the third quarter of 2020, showing tenants are looking for more
flexible, less capital-intensive options below standard market terms.
Fill out the form to download your complimentary copy and learn more about:
General market trends
South Florida labor and employment data
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Information herein has been obtained from sources deemed reliable, however its accuracy cannot be guaranteed. The user is required to conduct their own due diligence and verification.