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Tenant confidence in the future of the office is on the rise as leasing volume doubles in Q3
As the theoretical ‘light at the end of the tunnel’ regarding the pandemic becomes more vivid, tenants have begun to solidify mid-to long-term plans for office occupancy. In Q3, leasing volume totaled 2.1 million square feet (msf) – more than double from the previous quarter (1.0 msf). This spike in office leasing may have stifled the rise in availability, but it was not enough to stop it all together. Overall availability increased from 26.0% in Q2 to 26.4% in Q3. Availability remains at its highest level in 10 years, providing a tenant-friendly office market with a surplus of options to choose from.