MARKET TRENDS
- Even with slower leasing activity and new property additions, tenant demand has remained strong, resulting in upward pressure on asking rents
- Demand for Class A office space remains strong, driven by occupiers that are primarily seeking premium assets and high-quality build-outs
- As tenants gravitate to newer, higher-quality properties, industry stakeholders have observed an increase in incentives, including tenant improvement allowances and extended periods of free rent