TAKEAWAYS
- Overall availability decreased for the first time since 2019, falling 70 basis points (bps) from the previous quarter, but is still up 240 bps from pre-pandemic levels.
- Sublet supply declined for the first quarter since COVID onset, falling 6.7% to 8.3 millions square feet (msf) available.
- Both overall and Class A rents remained stable over the second quarter, but are down 9.7% and 9.1%, respectively from early 2020.
- Fueled by the life sciences and TAMI sectors, leasing activity in the second quarter totaled 3.2 million square feet (msf) the highest level of demand since 2019.