MARKET TRENDS

• Leasing activity improved for the third consecutive quarter, yet overall availability remained elevated, in part due to a 30% year over year increase in sublease space on the market
• Asking rates have remained relatively flat in recent quarters yet effective rents have decreased due to increased concessions from landlords
• Price-conscious occupiers exhibited enthusiasm for discounted space, as evidenced by four of the five largest transactions this quarter being sublease deals

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