It's happening. The subleases are pouring onto the market. The effects of COVID coupled with an already slowing commercial real estate market is creating a wave of supply of office space in Seattle. Union Street Corporate Real Estate, LLC is receiving frequent inquiries from clients on both sides of the fence: wanting to sublet their own space or wanting to find a short term solution.
With all the uncertainty surrounding various industries, committing to long term leases is difficult for many; so evaluating sublease opportunities is now very common. Subleases are usually shorter term and have lower rents.
On the flip side, many professional service firms have realized that working remotely is pretty easy and that leveraging the smorgasbord of cloud services available to them, they may not need to maintain as much of a physical presence. Remote working can reduce small business costs and create some efficiencies: no rent, no parking costs, no commute, more time, etc. Also, downtown Seattle is not a pleasant place to be right now. It's a ghost town with zombies roaming the streets. Retail is shot; windows boarded up; demonstrations - no thanks! Silver lining: commutes are fast and the office is quiet!
Each industry and company is different obviously, so a lot of due diligence and expertise needs to go into this evaluation of office space. Please feel free to contact Union Street if you want to explore the myriad of possibilities in today's office market. We can unload your space, or find a new one, or use today's instability to leverage a great renewal, whether long or short term.
Visit our website to see some sublease opportunities: