MARKET TRENDS

• Leasing activity of 1.5 million square feet (msf) remains above the 5-year quarterly average of 1.4 msf with demand forecasted to be steady and largely broad-based.
• Availability decreased 50 basis points over last quarter to 27.1% but is still up from 26.9% a year ago as large new development projects continue to be delivered to market.
• Despite the high availability, average asking rental rates are expected to remain high as landlords continue to offer historically high concessions rather than drop their asking rents.

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