MARKET TRENDS

• Despite lower leasing activity from a year ago, the total availability rate decreased to 29.3% but expect availability to remain elevated
• Due to newly-delivered office projects and high-priced sublease space, average asking rental rates will continue to be high
• Available sublease space remains at a record high at 10.1%, up from 8.7% reported a year ago as corporate occupiers reevaluate space needs

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