Q4 2020 Market Report

For the office market, the lasting effects of COVID-19 continue to stymie leasing activity despite the vaccine being rolled out at year end. This ongoing uncertainty continues to delay companies return to the office place with more short term lease extensions and corporate downsizing being commonplace. Despite sporadic demand, landlords continue to hold asking rates, but are starting to acknowledge deal structures will require more creativity and greater inducements in order to lure and retain tenants.