Continuing the trend of much of 2022 the 4th quarter saw a weakening of office market demand with many firms consolidating space and subleasing in order to right size amid announced layoffs, economic uncertainty and changing workforce demands. Landlords have been reluctant to lower asking rates despite weakening demand shifting their focus on securing quality credit tenants and being open to large concession packages in order to make deals happen. With many companies reducing their footprint, smaller stand-alone office buildings and smaller suites are performing stronger than larger footprint buildings in general. Overall average rents decreased from $3.82 to $3.80 PSF with just over one million square feet of negative net absorption.