MARKET TRENDS
- Total availability and sublease space were unchanged year over year at 22.0% and 1.7 million square feet (msf) respectively, reflecting consistent tenant demand and balanced market conditions
- Leasing activity dipped 11.1% year over year to 0.8 million square feet (msf) but still exceeded its historical average, highlighted by several new location leases completed this quarter
- Rental rates rose 5.5% year over year to $36.79 per square foot (psf), driven by tightening market conditions and persistent demand for premium office space