The “Sublease” Tsunami: How to Navigate Shadow Office Inventory During Corporate Contractions
In the highly reactive, spreadsheet-driven arena of commercial real estate, the amateur investor misreads the macroeconomic health of the office sector by staring at a single, flawed metric: the Direct Vacancy Rate. They look at a sprawling mid-rise office portfolio, see a direct vacancy rate of 8%, and assume the asset is functionally stabilized. They…









