Leasing activity improves but deal volumes remain fundamentally altered
Leasing activity in the third quarter reached 1.4 million square feet (msf), a notable rise from the previous quarter when just 1.0 msf was transacted. However, transaction volumes remained well below the 1.9 msf in activity reported a year ago. Activity this quarter was boosted by two large transactions each just shy of 150,000 square feet (sf): Amazon and Basis School. Major corporate occupiers, including Amazon, have recently renewed expansive office spaces, aligning with policies for in-person working days. This recent trend has the potential to influence other area firms to similarly recommit to return to office policies.