TAKEAWAYS

• 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
• An increase of 15.4% in the supply of sublease space added to the market from the previous quarter will provide occupiers with deeply discounted rates in the near term until a market correction occurs and the sublease supply contracts
• A number of companies are putting re-occupancy plans into place for 2022 with an emphasis on flexibility in the workplace created by lingering concerns about COVID-19

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