JLL reports additional office occupancy losses in Q3-2022 with 11.4 million square feet of negative net absorption, bringing the year-to-date occupancy loss to 24.7 million square feet. According to the report, a vast majority of downsizing companies are relocating into higher-end (“trophy”) office space while adjusting their footprints, creating 1.7 million square feet of positive net absorption in trophy space despite the overall occupancy loss. More than 90 percent of new sublease space added to the market in Q3-2022 was in buildings that were developed before 2015, according to JLL.

Last Updated on November 17, 2022 by Ramin Seddiq