TAKEAWAYS

• 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
• Increased tenant demand led to the highest leasing volume since Q2 2019. Totaling 3.3 million square feet, activity was up 11.1% from last quarter and 6.9% from one year ago
• Three of the five largest transactions of the quarter were signed at new developments

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