A link offset is a way to force a link to maintain a minimum gap. In other words, if a link had an offset of 5 and a successor were pulled back to a predecessor, the link would cease collapsing once the gap equaled 5.
Creating a Link Offset
Double-click a link to open the Link Properties window.

Enter the number of days in the Offset field. A negative value may be entered only for finish-to-start relationships. This allows the start of the successor to push before the finish of the predecessor activity when logic is on.
Click the OK button when finished.
To delete a link offset, enter zero in Offset field.
Link Offset Gap Calculation
Once a link offset is defined, it affects the gap calculation. The gap of a link with a link offset is calculated as gap of predecessor to successor minus the link offset value.
As shown in this figures, the original gap between the successor and predecessor is five calendar days.

Then a link offset of three calendar days is placed. Therefore, the original link gap of five days minus the three-day link offset equals a two-day gap.

Link Offset Display
Check the Offset Notation box to display a red dot next to the gap value. This gives a cue that a link offset is affecting the link gap value.
Note: A link offset displays as a red dot, but is not visible when the link offset is equal to the start node. Also, the corresponding link gap does not display when equal to zero.
NOTE: The link offset value is the number days from the predecessor’s finish node and adopts the calendar of the predecessor activity.