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Office tenants more likely to stay than go

  • ​Office tenants are more likely to renew in their current building than to relocate. There was nearly a 10 percentage point increase in renewal/expansions from 2016 to 2017.

  • When tenants do relocate, it is most often within the same submarket. So when a tenant’s lease is expiring, there is an 80 percent chance the tenant will stay in its original submarket.

  • This is consistent with leasing activity in 2016 even with 2017 having more renewals overall. In both years, tenants left their original submarket only 20 percent of the time.

  • This piece analyzed office leases 5,000 square feet or greater in Class A and B buildings with at least 12 months 

  • of term.​

Source: JLL Research​

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