MARKET TRENDS
- Suburban office availability rate declined for another consecutive quarter, reflecting steady tenant demand and a slow reduction in excess space within the market.
- Quarterly leasing activity accelerated to 2.3 million square feet (msf), driven by large-block transactions, many of which were renewals of existing tenant footprints.
- Inventory remained relatively stable during the quarter, as new construction activity is limited and the market continued to transition into stabilization.