Since the second quarter of 2020 when the COVID pandemic began, there has been an increase in office space available for sublease as businesses moved to remote working and hybrid structures. According to national data compiled by Cushman & Wakefield, sublet space is up 76% year over year (YoY) and up 99% since Q1 2020. Despite this trend, sublets still only make up less than 1% of vacant space in Virginia and total vacancy has been trending down in most Virginia markets. While some large single-tenant occupiers temporarily moving to remote work has had an outsized impact on smaller markets, the result has provided other companies with the opportunity to fill available office space and expand operations amid an otherwise tight availability market. The summaries in the attached report provide a clearer picture of the impacts and major drivers of sublet space in Virginia’s major markets outside of the D.C. beltway.