MARKET TRENDS
- Total availability of 20.6% increased 30 basis points year over year leaving tenants with a plethora of space options, as well as elevated leverage in lease negotiations.
- Heightened space availability coupled with some landlords facing loan distress will help sustain tenant-favorable market conditions throughout 2024.
- Rental rates are increasing due to higher construction costs and a continued trend of tenants moving toward higher-quality. newly built office spaces.