TAKEAWAYS

• Availability did not fluctuate from last quarter remaining at the market high of 22.9%. This rise of 130 basis points (bps) from last year’s 21.6% provides ample opportunities for occupiers looking for space in a tenant friendly environment.
• Sublease availability rose to a new high in Q1 2023 ending the quarter at 1.8 million square feet (msf) adding to the already elevated amount of space on the market as tenants continue to make decisions about the future of their office needs.
• Economic uncertainty in the market has caused many tenants to reconsider their office footprint with an emphasis on workplace strategies and flexibility in regard to remote work.

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