In recent months, the extent to which the public health restrictions have impacted market activity has led to adaptive measures by both tenants seeking to implement viable hybrid work models and landlords working to facilitate new deals.
- Just over 60% of deals transacted during the fourth quarter account for renewals, over half of which are in Suburban offices.
- Leasing activity in the Suburban office market led to a decline in vacancy for the first time since Q1 2020, as tenants continued to absorb much of the new supply offered in markets like the South Shore and the Mile-Ex.
- Year-over-year, net rental averages have risen by as much as 9.3% to $19.47 PSF, as the increasing availability of Class A downtown offices reached a record high of 10.9% in vacancy.
- The new year is expected to bring in more than 1.4 million SF of new supply to the Downtown sector, as well as the South Shore and Midtown.
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