It does not take a Ph.D. to understand that world economics have been transformed by a devastating pandemic and other recent major geo-political events. Further, less obvious impacts of these events are drastically changing how office space tenants and commercial space users think, strategize and prepare for their current lease expiration dates and how they will use space going forward. This is especially true when there is the desire to potentially relocate and construct office space at a new location to encourage employees to return to the office.

It is hard to imagine how a pandemic and total disruption of the supply chain across industries and availability of raw and manufactured materials have anything to do with a lease expiration date, but it has everything to do with it. The reality is that most office space tenants are not allowing nearly enough time for the processes of real estate site selection, design, construction, and decommissioning (removal of personal property) of their current space to be able to move into the new office space prior to their current lease expiration date. When it is time to decide whether to sign a lease to stay, renew in place, or build and relocate, most tenants in the current market environment are left scrambling.

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