TAKEAWAYS

• The overall Class A average asking rent increased to $29.07 per square foot (psf), up 3.5% year over year as new Class A development has been delivered and will continue to add to availability in the short-term
• Overall availability of 28.6% at year-end 2022 is a 10-basis point increase from a year ago and is expected to increase as corporate occupiers put more sublease space on the market in 2023
• Expect quarterly leasing activity to remain above pandemic levels but tenant-favorable market conditions will continue due to high availability

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