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MARKET TRENDS
- Leasing activity of 1.9 million square feet (msf) in Q4 2025 brought total 2025 leasing activity to 6.7 msf, up from the 5.5 msf reported in 2024
- Despite improving market dynamics, availability remains high at 22.8%, indicating that a full correction from the pandemic will take additional time and sustained tenant demand
- Sublease availability fell 1.5 msf year over year as fewer occupiers brought space to market and expiring sublease terms and absorption reduced excess supply