JLL - Spate of office lease expirations looms over landlords banks - WSJ

Leases for some 243M square feet of U.S. office space is scheduled to expire in 2022, the most office space to return to the market since JLL (NYSE:JLL) started tracking the data in 2015, the Wall Street Journal reported. That represents ~11% of the nation's leased office space overall. So far, office landlords haven't felt the full brunt of the pandemic. During the past two years, many tenants negotiated lease extensions of a year or two until they could figure out what their space needs would be in the post-pandemic period. That's led to a 40% increase in lease expirations since 2018 and adds pressure to office building owners already dealing with a very slow return to the office. The national vacancy rate stands at 12.2%, up from the 9.6% rat at the end of 2019, the WSJ said, citing data from CoStar Group. Real estate analytics firm Green Street

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Spate of office lease expirations looms over landlords, banks - WSJ