MARKET TRENDS

• Availability of 24.0% reached a new high, ending 110 basis points higher than Q1 2023, as demand retreats and tenants continue to right-size their office footprints
• Tenant-favorable market conditions persist with peak availability and low demand, resulting in a broad selection of direct and sublet space options
• With the widespread adoption of hybrid work models, expect to see a growing number of tenants leveraging these policies to influence their leasing decisions

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