MARKET TRENDS
- Total availability of 19.7%, decreased 100 basis points year-over-year due to strong leasing activity which has steadily increased and now sits above the 5-year quarterly average.
- Expect tenant-favorable market conditions to continue into 2024 due to heightened availability coupled with some landlords facing underlying loan distress.
- Average rental rates continue to ncrease que to rising construction costs and flight-to-quality where occupiers increasingly prefer newly delivered office product.