MARKET TRENDS

• Leasing activity of 1.3 million square feet (msf) in Q1 2025 was roughly at the 5-year quarterly average and is expected to remain steady this year as long as the overall economy grows
• Overall availability began 2025 at 26.5%, down from 27.6% reported a year ago and is expected to stabilize this year due to the lack of new speculative construction
• Tenant-favorable office market conditions remain in place due to high availability but expect more occupiers to acquire their buildings as valuations have dropped significantly

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