"Baltimore’s availability rate reached a peak in the first quarter of 2022 at 17.7%, the highest the market has seen in over 5 years and will continue to remain elevated until a shift in demand occurs"
"Overall availability rate decreased for a fourth straight quarter, dropping 70 basis point to 15.3% in Q1 2022. Despite the recent momentum, the rate still stands 200 basis points higher than pre-pandemic levels"
"The overall full service asking rent increased to $26.44 per square foot, up by 4.3% compared to last year and 3.3% from the previous quarter, as rents are expected to slightly increase in 2022"
"Nashville office leasing trends remain strong as organizations continue to regain pre-pandemic strategic clarity. Inflationary worries on a macro level are likely to affect demand in the next several quarters"
"Under construction and build-to-suit projects for life science tenants have surged resulting in a sharp increase in leasing activity with most space being pre-leased. Leasing activity totaled 2.6 million square feet, a 67.2% increase from one quarter ago."
"South Florida’s Class A asking rents reached a record high of $45.41 per square foot due to an increase in demand for higher quality amenity-rich office buildings as companies hope to get remote workers to spend more time in the office"
"Salt Lake City’s overall asking rent reached a five-year high of $24.06 per square foot full-service gross."
"The availability rate for Q1, only 40 basis points (bps) below the highest level the market has ever seen remained elevated and will continue to do so until an increase in demand is seen"
"Rates will continue to rise boosted by higher asking rents for new construction ($7.00 to $8.00 per square foot, NNN)."