MARKET TRENDS
- Availability of 23.8%, up 340 basis points year over year, along with elevated sublease options and ongoing landlord refinancing pressures, continues to drive tenant favorable conditions
- Leasing activity fell 33.3% quarter over quarter to 0.4 million square feet (msf), yet tenant demand remains strong— particularly for TAMI requirements in the Downtown submarket
- Rental rates reached a high of $36.40 per square foot (psf), marking an 8.1% year over year increase driven by strong demand and delivery of premium office space