Office availability decreases to begin the year but so does leasing activity
After reporting over 2.0 million square feet (msf) of leasing activity in the fourth quarter 2021, leasing activity in the first quarter 2022 dropped significantly to just under 600,000 square feet (sf). While the high amount of leasing activity last quarter was due to a single transaction involving Meta leasing over 707,326 sf, the sharp decrease in leasing activity to begin the year is largely seen as quarterly blip as the overall economy has reopened and companies are trying to get their workers back to the office again. The overall availability rate decreased 90 basis points (bps) from 20.9% reported last quarter to 20.0% this quarter. However, the overall availability rate is still up 160 bps from 18.4% reported a year ago.