Office space demand down again at mid-year 2024 as larger deals consist of mostly renewals

With 2.7 million square feet (msf) of leasing activity reported in Q2 2024, office space demand was down 18% from the 3.2 msf of leasing activity reported in Q1 2024. While this was still an increase from the 2.4 msf of leasing activity reported a year ago, this remains below pre-pandemic levels when leasing activity was regularly over 4.0 msf on a quarterly basis. Amidst the decrease in new office space demand from the TAMI sector, leasing activity continues to be mostly expiration-driven as occupiers remain highly focused on controlling costs.

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