TAKEAWAYS

• The market continues to soften with leasing activity lagging compared to prior quarters. With just under 0.8 million square feet (msf) leased, down 28% from 1.1 msf reported a year ago
• Average asking rental rates have remained high, however, with the increase in availability levels, rental rates are likely to flatline over the near term
• As the tech sector continues to slow down and companies revaluate their needs, available sublease space increases to 5.7 msf, up 159% from a year ago

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