.jpg "Image treatment")
STABLE OFFICE LEASING
Quarterly deal volume reached just under 800,000 sf – slightly below its long-term historical average. Tenants have leased 3.6 million square feet (msf) in the four most recent quarters.
AVAILABILITY SLIDES LOWER
The market’s overall availability rate continued to drift lower, sliding by 70 basis points to 14.5%, its lowest mark since the fourth quarter of 2015. The Class A availability rate fell even more sharply, from 18.8% to 17.4%.
RENT PUSHES HIGHER
Overall asking rent posted its sharpest quarter-on-quarter increase since the second quarter of 2017, jumping by 2.7% to $27.45. The Class A rent broke the $30.00 mark, rising by 2.8% to $30.08.
SALES DECREASE
Office property sales during the first seven months of the year totaled $734 million, a 56% decrease compared to the first seven months of 2017.
"Employment growth and leasing activity appear to be moderating slightly across the region. Nevertheless, availability is at its lowest point in three years and rent continues to rise, presenting larger tenants with challenging conditions.”
Mark Ayers, Executive Vice President, Market Leader