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August 2021

New Leasing Activity Comparison: Suburban Office Continues Trend, Outpacing Downtown

 

New leasing activity comparison

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NAI Hiffman Research has identified a significant shift in Downtown versus Suburban New Leasing Activity (New Leasing Activity reflects signed leases for new, expanded or relocated space and excludes renewal or downsizing of current premises) since the pandemic “Stay-at- Home Order” in March 2020. While both markets took a hit in new leasing velocity, the suburbs have outperformed downtown in four consecutive quarters beginning with the third quarter of 2020.

Balance Graphic

Since the beginning of the pandemic, new leasing activity in the suburbs outpaced downtown, achieving roughly 64% of the pre-pandemic quarterly average. According to NAI Hiffman Research comparing new leasing activity back to the beginning of 2017, pre-pandemic downtown new leasing activity averaged roughly 890,000 SF more quarterly compared to the suburbs. However, the inverse is true since the start of the pandemic: The suburban quarterly average during this period exceeds downtown by over 250,000 SF.

For information about NAI Hiffman Research, contact Director of Research Mike Morrone at mmorrone@hiffman.com.

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