MARKET TRENDS

• Leasing volume in 2024 totaled 3.1 million square feet (msf), up 21.9% from 2.6 msf in 2023, supported in part by strong government activity
• Year-end 2024 availability rose 100 basis points (bps) annually to 18.5%, but declined 20 bps on the quarter given fewer new space additions
• Sublease supply remains flat year over year but may decline as fewer occupiers return space, lease terms expire and become direct availabilities, or such space is leased

Read the full report