MARKET TRENDS

• Leasing activity of 1.0 million square feet (msf) in Q4 2024 brought total 2024 leasing activity to 5.5 msf, down from total leasing activity of 6.1 msf reported in 2023
• Overall availability ended 2024 at 25.6%, down from 27.8% reported at year-end 2023 but still up significantly from 18.6% reported at year-end 2019
• The overall leasing market remains tenant-favorable as high availability has caused landlords to remain aggressive in maintaining occupancy levels going into 2025

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