MARKET TRENDS
- Leasing activity reached 1.1 million square feet in Q4 2024, the highest level since 2016, driven by Zions Bank renewing for 322,008 square feet in the largest deal of 2024
- The availability rate dipped slightly to 20.0% in Q4, marking the end of six consecutive quarters of increases, with demand remaining strongest in the CBD and Southeast submarkets
- Office demand remained strong in Q4, with the CBD leading rents at $32.27 per square foot (psf), while the Southeast submarket offered competitive rates at $26.84 psf