MARKET TRENDS

• Uptick in leasing activity to 1.6 million square feet (msf) is above the 5-year quarterly average of 1.4 msf and office space demand expected to be steady despite slowing job growth
• Availability continues to increase to 27.6%, up 130 basis points year over year, as occupiers continue to reevaluate their space needs amidst hybrid work models
• Expect average asking rental rates to remain relatively high as most landlords prefer to give high concessions rather than drop their asking rents

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