“Sublease Pandemic?” Office leasing activity plunged or collapsed, depending on city, even as huge amounts of sublease space that companies no longer need got dumped on the market.
New York City, San Francisco, Honolulu are still down over 80% from a year ago in terms of “seated diners.” Then there is the “LN-shaped” recovery in Pittsburgh.
Every city is confronted with dying malls and vacancy-pocked shopping districts. Is there a cure? No. The failing retailers were already on their way to the morgue. Is there a vaccine that will help? Yes.
