MARKET TRENDS

• Leasing activity remained subdued throughout 2023, with the total leased space of 0.5 million square feet falling below the 5-year average of 0.8 million square feet for the third consecutive quarter.
• While tenant-friendly conditions persist and rental rates decline, occupiers have the opportunity to secure significantly discounted space, whether through direct leasing or subletting in the near-term.
• The decision-making process for many companies will remain influenced by return-to-office policies and workforce planning, as they reevaluate their office space needs.

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