In the first quarter of 2024, the overall vacancy rate slightly increased from 18.37% to 18.67%. The downtown office market vacancy continued to increase, however there was a decrease in the suburban vacancy rate. The downtown office market vacancy rate increased from 17.75% to 18.62%; much of it was attributed to the continued downsizing of existing large tenants in the market, by way of increased headlease and sublease space. The suburban market observed a 72,675 sf change in vacancy this quarter. Notable is the activity of larger tenants consolidating, and organic growth from smaller professional service tenants, which continues to shape the suburban landscape.