Significant growth within the City's Central Business District (CBD) has impacted the landscape of the City's competitive office market. Due to a significant introduction of new AAA office space within the City's CBD, coupled with a relatively flat demand, year-over-year vacancy witnessed an increase of 398 basis points to 15.10%.
- Year-over-year CBD Vacancy increased 398 basis points
- Year-over-year CBD inventory expanded by 6.2%
- Average asking rates witness a softening due to increase in available supply
- Landlords willing to be more aggressive with tenant inducements