.jpg "Image treatment")
LEASING NORMALIZES
Following one of the strongest quarters for leasing in several years, leasing retreated to more normal trends. Tenants have leased 3.8 msf in the four most recent quarters.
AVAILABILITY DECREASES
The market’s overall availability rate fell to 15.2%, a 20 basis point decline from the first quarter. The Class A availability rate dipped by 40 basis points to 18.8%.
RENT INCREASES
Overall asking rent rose by 0.6% quarterover-quarter to $26.09/SF. Class A asking rates also increased, rising by 0.9% to $28.72/SF.
SALES DECREASE
Office property sales in the last six months through May 2018 totaled $426 million, falling by 44% compared to the $756 million sold during the previous six months.
"New development activity has started to overtake leasing activity, boosting availability rates in the last few months. This is alleviating some of the rush to pull the trigger on space-use decisions and has opened up options both for companies looking for best-in-class space and second-generation value-plays.”
Mark Ayers, Executive Vice President, Market Leader