MARKET TRENDS
- Suburban office availability fell to 18.8%, down 130 basis points year over year, reflecting gradual improvement as tenants begin to absorb existing space.
- Average asking rents held steady at $26.07 per square foot despite declining availability, but could rise in the coming quarters if stronger demand persists.
- Leasing activity totaled 1.4 million square feet, broadly in line with the five-year average, as renewals highlighted tenants’ preference for maintaining existing footprints.