MARKET TRENDS

• Availability of 23.4% was a 60-basis-point decrease from last quarter, but still up from 22.7% a vear ago as tenants adjust to the new normal of hybrid work.
• Tenant-friendly market conditions persist, noted by peak availability and soft demand as wide range of direct and sublet space on the market remains.
• As hybrid work models become more common, a rising number of tenants are anticipated to utilize these policies to shape their leasing decisions.

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