MARKET TRENDS

• The overall average asking rent of $43.63 per square foot (psf) was up 4.6% year over year and is expected to continue to increase in 2024 due to steady occupier demand
• Although up year over year, leasing activity of 1.5 million square feet (msf) in Q1 2024 decreased from 1.8 msf last quarter due in part to smaller average deal sizes
• Available sublease space continues to fluctuate with 2.7 msf available in Q1 2024, up from 2.4 msf reported a year ago as corporate occupiers adjust to the hybrid workplace

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