TAKEAWAYS

• Asking rents continue to climb to an all-time high of $3.68 per square foot (psf) per month, a 6.4% increase from one year ago. Asking rents are expected to increase as new construction and higher-end space deliver to the market.
• Leasing activity of 973,945 square feet (sf) was below the 5-year quarterly average of 1.2 million square feet. Expect traditional office users to slow new lease commitments as economic uncertainty has returned
• Overall availability decreased to 18.6% from 22.5% reported a year ago. Class A availability showed a marked decrease going from 22.4% a year ago to 20.6% this quarter.

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