OFFICE MARKET HIGHLIGHTS:

• Today there is 414,829 SF available for sublease. Although this is high for historical purposes, it’s dramatically improved from the post covid high of 1,004,476 SF available in Q4 2022 and the 841,829 SF available a year ago in Q2 2023.
• Available sublease space negatively impacts landlords because they are competing with below market lease terms.
• The vacancy rate increased 100 basis points from 6.1% in Q2 2023 to 7.1% in Q2 2024. This increase can be attributed to the following:
  • Work from home trend is hard to break.
  • Available sublease spaces are turning into vacancies as the existing leases expire.
  • Medical staffing firms are decreasing their space requirements.
• 48 leases were signed in Q2 2024 while 56 leases were signed in Q2 2023, these are
  some points to note:
  • Q2 2024 had no leases signed above 50,000 SF, while Q2 2023 had two (2).
  • Q2 2024 had only six (6) leases signed above 5,000 SF, while Q2 2023 had nineteen (19).
  • Out of the 48 total leases signed in Q2 2024, 88% were under 5,000 SF and 63% were under 2,500 SF.

To read and download the complete report please click here.