A few noteworthy facts from our research:

• Post-pandemic, the U.S. office market recovery remains sluggish amidst economic uncertainty and slower return to office.
• Office availability now stands at 24.4%, up 40 basis points from last quarter with available sublease space of 176.2 million square feet (msf) now at an all-time high.
• Overall leasing activity has slowed in the 1st half of 2023 to 86.7 msf which is a 15% decrease from 101.5 msf reported in the 1st half of 2022 as the market remains mostly tenant-favorable.
• With an estimated $189 billion in office loans maturing in 2023 and another $117 billion maturing in 2024, expect more property distress in the office sector over the short-term.