More tenants are active in the market and they are looking for larger spaces.
The number of sublease transactions dropped quarter-over-quarter, but the average rentable square footage increased to 10,256 SF, up from 7,606 SF. No subleases over 50,000 SF have been signed this year.
Four new Class A sublease listings, each over 100K SF, added 665K SF to the sublease availability.
The total availability rate increased 120 bps from last quarter to 35.2% due to 1.3 million SF of direct space and 1.2 million SF of sublease space added this quarter.