Research

"The overall availability rate has now increased for 15 consecutive quarters, rising 100 basis points (bps) in Q3 2025 and 360 bps year over year"

"At roughly 775,000 square feet (sf), leasing volume reached its highest total in three years and increased by 33.8% year over year"

"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"

"Flight-to-quality is shaping rent, absorption, and development patterns, with demand concentrating in top-tier office assets—particularly within the West Palm Beach CBD"

"Leasing activity totaled 2.0 million square feet (msf) in Q3 2025, marking the strongest post-pandemic quarter and surpassing the 5-year quarterly average of 1.4 msf"

"Leasing activity held steady at 0.7 million square feet (msf) in Q3, with the Central Business District (CBD) leading for the first time this year at 25.5% of overall leasing activity"

"We are facing a heat crisis, one of the most urgent threats posed by climate change. Heat is no longer a ‘comfort’ issue, but instead a critical business risk to an organization’s most valuable asset: its people."

"The vacancy rate has stabilized, rising only 30 basis points (bps) over the past three quarters as new deliveries have sharply decelerated and demand begins to work through recently delivered product."

"Vacancy continued upward following a second consecutive quarter of negative net absorption, totaling -687,378 square feet (sf) in the second quarter and now -1.9 million square feet (msf) year to date. "

"Vacancy fell 70 basis points (bps) year over year to 8.1% in Q3 2025. Strong net absorption, topping 2.5 million square feet (msf) for the second time in three quarters, was driven by Anduril and Ryder Logistics."