MARKET TRENDS

• The overall availability rate declined by 10 basis points (bps) following 15 consecutive quarters of growth, though it remains 180 bps than a year ago
• Average asking rents edged modestly higher quarter over quarter, largely driven by space removals, while subdued leasing activity continues to exert downward pressure on pricing
• Sublease inventory has begun to recede, primarily due to space givebacks and lease expirations rolling into direct availability

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