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Average Size of US Office Leases Reflect the Current 'Move-and-Shrink' Trend

Office Tenants Nationwide Scale Back Commitments to Future Space

In major markets across the country, tenants are treating lease expirations as an opportunity to "move and shrink." Alight Solutions opted to depart its 200,000-square-foot suburban space and relocate to 320 South Canal St. in Chicago with 16,000 square feet. (CoStar)
In major markets across the country, tenants are treating lease expirations as an opportunity to "move and shrink." Alight Solutions opted to depart its 200,000-square-foot suburban space and relocate to 320 South Canal St. in Chicago with 16,000 square feet. (CoStar)

In nearly every major market in the country, office tenants are executing leases that are smaller than what they presently occupy. This trend is particularly pronounced in West Coast markets with high exposure to tech-sector workers.

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