Renewals claimed the majority of office leasing activity during Q2 2020 as companies retained their wait-and-see strategy while near-term economic conditions remained uncertain.
Sublease space ticked-up during the quarter, as expected, mostly in the suburban submarkets. But, as urban tenants begin to search for short-term, plug-and-play options in the suburbs, this segment may make the market during the next few quarters.
Capital markets activity continued to cool, starting three quarters ago. But, 1901 Market Street, a downtown tower, traded this quarter, accounting for the bulk of investment activity with the rest relegated mostly to suburban markets.