TAKEAWAYS

• The tech sector slowdown has negatively impacted the market with just under 0.7 million square feet (msf) leased, down 75% from a year ago
• Average asking rental rates have remained high mostly due to new Class A office projects recently delivered to the market
• Available sublease space has surged to a historic high and is now 4.5 msf, up 96% from a year ago, as large tech companies reevaluate their space needs

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